Tice Accused Of Being 'In It For Himself' Over Reports He Avoided Almost £600k In Tax

Richard Tice has been accused of being “in it for himself” after reports claim he avoided nearly £600,000 in corporation tax.

The deputy leader of Reform UK allegedly channelled dividends from his property company into other structures, like an offshore trust and a set of dormant businesses, between 2018 and 2021.

Allegedly, his firm Quidnet Reit Ltd – with net assets worth £33 million – paid nothing in corporation tax on its multimillion-pounds profits during that period.

Tice listed his company on the Guernsey stock exchange and applied for it become a real estate investment trust (Reit), a corporate structure with rules administered by HMRC.

There are approximately 170 firms with Reit status. They do not pay corporation tax, and instead issue dividends to shareholders, who are then taxed individually.

A legal quirk meant Quidnet did not pay tax for a three-year grace period, even though it did not qualify to be a Reit company.

According to The Sunday Times, Tice was still personally liable to pay tax on the dividends, but his company’s ownership structure still ended up reducing his exposure to tax.

The newspaper claimed four of six entities which received dividends from Quidnet paid no tax on them. 

Tice, who is also Reform’s spokesperson for business, trade and energy, said he had complied with all relevant rules.

The MP for Boston and Skegness told The Sunday Times: “Voters should be reassured to have a successful businessman who knows how to make money for shareholders running a business, trade and energy department, making money and growth for taxpayers. If the country had had this before maybe we would not be in the current dire economic pickle.” 

Tice added on X: “I must thank the Sunday Times and Dan Neidle for their detailed article confirming that my tax planning was entirely legitimate.

“The libellous headline is the work of a desperate Establishment trying to smear me and Reform.”

But Labour chair Anna Turley called on the MP to explain this tax saga.

She said: “Richard Tice urgently needs to explain himself – to the British public and to HMRC. Why has he gone to such extreme lengths to avoid paying his taxes, and has all the tax he owes been paid? 

“If these claims are true, it looks like Reform’s Deputy Leader is just in it for himself – not for working people who couldn’t even dream of earning the kind of money he appears to have hidden from the taxman.

“Nigel Farage needs to decide whether that’s what he wants Reform to stand for.”