Taxation on Chelsea FC sale

Iain Duncan Smith has presented questions to Rachel Reeves on the subject of Chelsea F.C.'s sale.

The club was sold by Roman Abramovich in May 2022 as a result of sanctions from the UK government following Russia's invasion of Ukraine and the proceeds have remained frozen in a UK bank account since due to an ongoing dispute over where the money should be donated. 

However, the former Tory leader has questioned what will happen to the interest these frozen funds continues to accrue, whether they will be subject to taxation and what should happen to them.

In response, the Government has said it is “determined” to see the full proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, but it has been unable to comment on whether or not it will be subject to taxation.

What is your opinion on this? Should it be subject to tax? What should be done with the proceeds?