Reform UK’s deputy leader and major donor, Richard Tice, is facing scrutiny over nearly £100,000 in unpaid corporation tax by companies associated with him. Tice’s involvement in four shell companies that reportedly did not fulfill their tax obligations from 2020 to 2022 has raised concerns. These companies, created to receive payments from Tice’s property investment firm, Quidnet, did not pay the required tax despite their direct connection to Quidnet.
The tax issue arose from Tice’s attempt to transition Quidnet into a Real Estate Investment Trust (REIT), leading to tax exemptions for Quidnet but not for the associated ‘Tisun’ companies. Notably, significant donations from Tisun Investments Ltd, a company linked to Quidnet, were made to the Reform party, coinciding with dividend payments and raising questions about the financial ties between Tice’s tax affairs and party finances.
Tax expert Dan Neidle criticized the oversight as a fundamental tax error, emphasizing the potential penalties for negligence. In contrast, Tice had previously called out others for tax errors, including former Deputy Prime Minister Angela Rayner, who faced tax issues related to her property transactions and trust arrangements for her son.
Despite the disparity in the tax amounts involved, Tice dismissed the allegations as a smear campaign, asserting his long-standing adherence to professional tax advice and compliance. He highlighted the importance of tax efficiency in business operations and expressed willingness to rectify any discrepancies in payments owed. Tice condemned the negative impact of such allegations on business figures entering politics and underscored his dedication to public service and economic stability amidst ongoing political challenges.