During a recent press conference, Nigel Farage defended Richard Tice against allegations regarding his tax affairs and challenged a reporter to provide a lecture on tax law. The leader of Reform UK asserted that Tice had paid the correct amount of tax and may have even slightly overpaid. Tice, who serves as Reform’s business, trade, and energy spokesperson, is under scrutiny for reportedly failing to pay over £90,000 in tax due to his company’s REIT status.
When questioned about the specifics of Tice’s tax repayment, Farage responded by highlighting the endorsement of a tax expert who confirmed that Tice had not evaded or avoided tax. The expert stated that Tice’s firm mistakenly failed to fulfill tax obligations. Additionally, Tice allegedly did not withhold tax from dividends, resulting in an excess payment of £91,000.
REITs, like Tice’s company, are exempt from corporation tax for a limited period and are required to deduct withholding tax before distributing dividends to shareholders. Tice’s firm purportedly violated this rule on multiple occasions, leading to a significant tax shortfall. Despite the allegations, Tice maintains that he has paid taxes at the highest rate on all dividends received and is in full compliance with HMRC regulations.
Labour chair Anna Turley has called for an investigation into Tice’s tax affairs, criticizing his actions and questioning his credibility. She emphasized the importance of upholding tax rules and expressed concerns about Tice’s commitment to working people.