Tax Dispute Over Richard Tice's Property Company
A dispute concerning unpaid tax by Reform UK deputy leader Richard Tice's property company has been described by his party as "a minor administrative error." The company, which Tice founded and owned, reportedly failed to pay £91,000 in tax prior to distributing dividends to him and his offshore trust, according to the Sunday Times.
Tice referred to the issue as a "technicality," stating that "overall HMRC received the correct amount of tax due."
Labour has criticized the situation, labeling it "a major scandal which goes to the heart of Richard Tice's integrity and credibility."
An HM Revenue and Customs (HMRC) spokesperson declined to comment on the matter, stating:
"We neither confirm nor deny investigations and we cannot comment on identifiable individuals."
Details of the Tax Issue
Tice's company, Quidnet REIT Limited, is involved in property investment. The Sunday Times reported that the company "did not pay a required 20 per cent levy on [its] dividends … before channelling profits to Tice and his trust registered in Jersey."
Zia Yusuf, Reform UK's home affairs spokesperson, acknowledged that this was "a minor administrative error" but described it as a "non story" during an interview with .
"Any tax that would have not been paid or underpaid by the company paying the dividend… would then have been overpaid by Richard himself in the form of income tax," Yusuf explained.
"So it does look like HMRC netted off in the same way."
Tice's Response and Labour's Reaction
On the social media platform X, Tice stated that the Sunday Times' reporting demonstrated that "overall HMRC received the correct amount of tax due."
He added, "The paper was effectively complaining I paid too much tax rather than [my] company pay some tax on my behalf."
In contrast, a Labour spokesperson said:
"This is a major scandal which goes to the heart of Richard Tice's integrity and credibility. Reform cannot ignore it.
Richard Tice urgently needs to explain whether his business followed the law and paid the full tax it owed."
Last month, Labour requested HMRC to investigate Tice's tax affairs. Labour's chair, Anna Turley, wrote to the tax authority following the Sunday Times' report that Tice had "avoided nearly £600,000 in corporation tax" through his property company.
Press Conference and Tice's Statements
At a press conference held in Westminster, Tice asserted that Quidnet REIT Ltd was "a UK company paying UK tax in accordance with UK laws," adding that there was no "obligation" to pay the maximum tax required and suggested that few individuals would likely choose to do so.
Speaking to journalists, Tice asked: "How many friends of yours would voluntarily choose to pay more tax than they are legally obliged to do?
The idea that morally, we have got to pay the maximum tax we possibly can - therein lies the road to ruin for the UK as an economy."
