Nigel Farage strongly responded to a reporter’s question regarding Richard Tice’s tax affairs by challenging her to provide a detailed explanation on tax law during a recent press conference. The leader of Reform UK defended Mr. Tice, stating that he had paid the appropriate taxes and may have even slightly overpaid.
Richard Tice, who serves as Reform’s spokesperson on business, trade, and energy, is under scrutiny for allegedly failing to pay over £90,000 in taxes due to his company’s classification as a real estate investment trust (REIT). When pressed about the exact amount Mr. Tice had repaid, Farage cited a tax expert’s opinion that Tice had fulfilled his tax obligations, with some possibility of having paid more than required.
Further reports indicate that Mr. Tice did not withhold taxes from dividends before distributing them to his offshore trust, resulting in excess payments of at least £91,000. REITs are typically exempt from corporation tax during a specific period and instead distribute earnings to shareholders, who are individually taxed.
Allegedly, Mr. Tice’s firm failed to adhere to tax laws by not deducting the necessary taxes on dividends in several instances between 2020 and 2021, leading to a tax shortfall of around £91,200. Despite the controversy, Mr. Tice maintains that he has paid all taxes at the highest rate on dividends received and has settled his dues with HMRC.
In response to the situation, Labour chair Anna Turley has called for an investigation into Mr. Tice’s tax affairs, criticizing his stance on the matter and questioning his credibility. Turley accused Tice of holding a double standard on tax issues and prioritizing self-interest over the needs of working people.