London - A millionaire Labour peer, Lord Levy, yesterday angrily rejected suggestions that he used tax avoidance strategies, insisting that there was "absolutely nothing to hide" in his financial affairs.
The disclosure that the peer - a close friend of Mr Tony Blair credited with raising millions of pounds for the British Labour Party in opposition - paid the Inland Revenue just £5,000 in 1998-'99 provoked a political furore.
Last Friday, the former music impresario failed in an attempt to persuade the High Court to issue an injunction preventing the Sunday Times from printing details of his tax affairs.
Lord Levy, denying any involvement in tax avoidance, said yesterday: "I absolutely have nothing to hide. As far as I'm concerned, if you've paid your taxes over years and then in a year you choose to live off of a small amount of capital to pay your living expenses, and your money is invested in homes which do not yield income, and you've paid your taxes, what is wrong in that?" he told BBC Radio 4's The World this Weekend.