the UK's ruling Conservative Party, a magazine has reported.

The magazine says expatriates sent $1,275,000 to the party between 1984 and 1992, in recognition and support of tax breaks for UK citizens overseas.

The figure is listed in the London journal BusinessAge, which accuses the Conservatives of trying to cover up 71 million worth of donations from around the world.

It says the Bermuda cash, plus loans to the party, came from residents linked to Conservatives Abroad -- an organisation which encourages expats to vote in British elections and send cash.

Secret donations to the Conservatives from a varity of dubious financiers have raised increasing controversy in Britain.

But last night Miss Sue McCullagh, secretary of Conservatives Abroad Bermuda, dismissed the BusinessAge figure as "a wild guess and no more''.

"It's absolutely amazing,'' she said, laughing. "It bears no relation to reality.'' Miss McCullagh said there were 40 or 50 active members locally, plus perhaps another 200 registered supporters.

The branch had only been going about three years and was not very active. "If someone in London has breached a confidence and someone sent a large cheque, then fine. But it's not come from me or from our organisation.'' Supporters could give money directly to Tory HQ in England, she said, and this was now policy as the branch no longer had a bank account.

"Normally a branch would collect funds, but this is such a small branch it's probably just as easy for them to send a cheque directly to London.'' Money had only been donated through the branch in the run-up to the last UK general election in 1992, and that had been a collection of subscription fees, each about $25.

The idea of Conservatives Abroad was to tell expats they could vote in Britain and that this would not risk their tax status, she said.

The local branch started when MP Mr. Rupert Allason held a cocktail party and asked people to form one, Miss McCullagh added.

People from a wide variety of backgrounds were involved.

Chairman of the branch is Mr. Nigel Freeman of Somerset.

The BusinessAge article also names businessmen connected with Bermuda as undeclared donors.

Mr. Michael Ashcroft, the ADT boss who runs his companies out of the Island, is listed as having given $1.5 million.

And Mr. James Sherwood, owner of Bermuda-based firm Sea Containers, is said to have given $300,000.

A spokeswoman for party HQ in London said: "I'm told the Bermuda branch is quite a quiet one. We haven't heard from them for a while.''