Andrew Mitchell held shares in company which avoided millions in stamp duty Mr Mitchell, a millionaire former investment banker, had no influence on the running of DV3 and has since sold his shares in the company, having bought them in 2003. His spokesman said he had paid "full UK tax on any resulting profits" from the investment. A subsidiary of DV3 purchased the lease on the Dickins & Jones department store building in central London in October 2006 for £65.1 million. A month later, the subsidiary sold the lease to a partnership, also controlled by DV3, for £65,100. The company maintained stamp duty was calculated on the lesser amount, reducing the rate from 4 per cent to nothing. HMRC challenged the transaction alleging it was a case of "aggressive tax avoidance" but lost at a tax tribunal in February last year. It is appealing against the decision, which it fears could lead to the loss of many more millions in tax on similar deals. Dickins & Jones closed a year after the DV3 deal and the store's lease was sold for £225 million in 2010 - a 300 per cent profit on the original investment. It is not known how much Mr Mitchell, who is a close ally of Mr Osborne, invested in DV3 or how much he made from the investment. DV3 is now in liquidation. Mr Mitchell's spokesman said: "Andrew Mitchell believes everyone should always pay their tax. Indeed, following DV3's liquidation he pays full UK tax on any resulting profits. He added that the Cabinet Office had supervised all of Mr Mitchell's transactions.