Tice £91,000 tax row is ‘minor administrative error’, party claims
Tice’s Tax Dispute Labeled as Minor Oversight by Reform UK
Reform UK has defended its deputy leader, Richard Tice, stating that a recent tax controversy involving his property firm constitutes a “minor administrative error.” The Sunday Times revealed that Tice’s company, Quidnet REIT Limited, had not remitted £91,000 in taxes before transferring profits to him and his offshore trust. This discrepancy has sparked criticism from political opponents, with Labour accusing the situation of exposing flaws in Tice’s financial practices.
Party’s Defense and Tax Mechanics
Quidnet REIT Limited, which Tice established and managed, specializes in real estate investments. According to the Sunday Times, the firm “did not pay a required 20 per cent levy on its dividends… before directing profits to Tice and his Jersey-based trust.” Zia Yusuf, Reform UK’s home affairs spokesperson, acknowledged the issue as a “technicality,” but insisted it was “not a story worth making.” She explained that any shortfall in corporate tax would be offset by Tice’s personal income tax payments, ensuring HMRC received the correct total.
“Any tax that would have been missed or underpaid by the company paying the dividend… would then have been overpaid by Richard himself in the form of income tax,” Yusuf stated.
Tice further clarified the matter on X, asserting that the Sunday Times’s report showed “overall HMRC received the correct amount of tax due.” He criticized the paper for implying he paid excessive taxes, arguing that the company’s failure to pay a specific levy did not constitute a breach of tax laws.
Political Backlash and Calls for Action
Labour has branded the situation a “major scandal” that undermines Tice’s “integrity and credibility.” The party’s chair, Anna Turley, recently requested HMRC to probe Tice’s tax affairs after the Sunday Times claimed he had “avoided nearly £600,000 in corporation tax” through his property company. At a press conference in Westminster, Tice defended his approach, insisting that Quidnet REIT Ltd operated “in accordance with UK laws” and highlighted the absence of a “legal obligation” to pay the maximum possible tax.
“How many friends of yours would voluntarily choose to pay more tax than they are legally obliged to do?” Tice posed to journalists, adding, “The notion that we must pay the maximum tax possible… is the path to economic ruin for the UK.”
Meanwhile, Liberal Democrats leader Sir Ed Davey demanded Tice’s removal, tweeting that the issue was “morally indefensible” and urging Nigel Farage to act immediately. This latest scrutiny adds pressure on Reform UK to address concerns about transparency in its financial dealings.
