Reform UK’s deputy leader, Richard Tice, who is a prominent millionaire donor, is facing scrutiny over his companies owing nearly £100,000 in corporation tax. According to reports, Tice managed four shell companies that did not pay any tax from 2020 to 2022, a move that allegedly benefited his investment company, leading to significant donations to Reform UK.
The tax issue is linked to Tice’s property investment firm, Quidnet, for which he sought Real Estate Investment Trust (REIT) status, resulting in no corporation tax payments. However, this status did not exempt four ‘Tisun’ companies, associated with Quidnet, from tax obligations on their holding shares in Quidnet, which seemingly went untaxed.
The four companies, named Tisun 1, Tisun 2, Tisun 3, and Tisun 4, were specifically established to receive funds from Quidnet, with the first three entities created simultaneously and the fourth two years later. Notably, Tisun Investments Ltd reportedly transferred a substantial £1.1 million to the Reform party on the dates of its first and last dividends, marking a direct financial link between Tice’s tax affairs and the party’s finances.
Tax expert Dan Neidle criticized Tice’s tax practices, deeming the situation a basic tax oversight rather than a technicality. Neidle highlighted an alleged £98,000 corporation tax liability, along with additional interest, suggesting potential penalties for negligence from HMRC.
In a twist of events, Tice had previously called for the resignation of Angela Rayner, who faced tax payment issues amounting to less than half of what Tice’s companies reportedly owe. Rayner eventually stepped down from her role as deputy prime minister due to tax discrepancies related to her Hove property and trust arrangements for her disabled son, involving a £40,000 tax shortfall in stamp duty payments.
Responding to the tax scrutiny, Tice defended his track record, emphasizing his extensive business experience and adherence to professional tax advice throughout his career. He acknowledged the importance of tax compliance and vowed to rectify any errors, stressing his commitment to fulfilling financial obligations.
Tice condemned the ongoing scrutiny as a smear campaign aimed at tarnishing his reputation, expressing concerns about discouraging other business professionals from engaging in politics. He underscored his dedication to public service and criticized the lack of business expertise in the current Labour Cabinet, attributing economic challenges and service deficiencies to this absence of business acumen.
Despite facing persistent media attention, Tice affirmed his focus on serving his constituents and campaigning for local elections, dismissing further engagement with certain media outlets while highlighting his dedication to national interests over financial gain.