Nigel Farage responded strongly to a reporter’s question regarding Richard Tice’s tax situation during a press briefing, challenging her to educate him on tax law. Farage defended Tice, asserting that Tice had paid the appropriate taxes and may have even slightly overpaid. Tice, the business, trade, and energy spokesperson for Reform UK, is under scrutiny for alleged tax irregularities amounting to over £90,000 related to the firm’s classification as a real estate investment trust (REIT).
When pressed about the specific amount Tice had repaid, Farage redirected the focus to a statement from tax expert Dan Neidle, who indicated that Tice had fulfilled his tax obligations, potentially paying more than required. Neidle clarified that while the issue was not tax evasion or avoidance, Tice’s company had mistakenly overlooked tax payments as mandated by law and would rectify the situation.
Reportedly, Tice failed to withhold the necessary tax on dividends before they were transferred to him and his offshore trust, resulting in an excess payment of at least £91,000. REITs, like Tice’s firm, are exempt from corporate tax for a period and distribute earnings to shareholders, who are taxed individually.
According to sources, Tice’s company allegedly neglected to deduct the required withholding tax from dividends on multiple occasions, resulting in a tax shortfall of around £91,200. However, Tice maintained that he had paid all taxes at the highest rate on received dividends and assured that HMRC had been duly compensated.
In response to the controversy, Labour chair Anna Turley has called for an investigation into Tice’s tax affairs, criticizing his apparent double standard on tax compliance. Turley emphasized that Tice’s actions undermine his credibility and portray him as self-serving rather than advocating for the working class.