Tice £91,000 Tax Dispute Labeled ‘Minor Administrative Error’ by Party

Reform UK has defended its deputy leader, Richard Tice, asserting that the tax controversy involving his property firm constitutes a “minor administrative error.” The firm, Quidnet REIT Limited, which Tice established and managed, reportedly omitted a £91,000 tax payment before distributing profits to him and his Jersey-based trust, as detailed by the Sunday Times.

Labour has criticized the situation as “a major scandal” that challenges Tice’s “integrity and credibility.” A spokesperson for HM Revenue and Customs (HMRC) stated they would not confirm or deny ongoing investigations, nor comment on specific individuals involved.

Quidnet REIT Limited focuses on property investments. The Sunday Times highlighted that the company did not remit a 20% levy on its dividends prior to transferring earnings to Tice and his trust. Zia Yusuf, Reform UK’s home affairs spokesperson, admitted it was “a minor administrative error” but called the issue “a non-story” during a Sky News interview.

“Any tax not paid or underpaid by the company would have been compensated by Richard through his own income tax contributions,” Yusuf remarked.

In a social media post, Tice argued the Sunday Times’s report demonstrated that “overall HMRC received the correct amount of tax due.” He claimed the paper was “effectively complaining I paid too much tax rather than [my] company pay some tax on my behalf.”

Labour had previously requested HMRC to examine Tice’s tax records after the Sunday Times alleged his firm had avoided nearly £600,000 in corporation tax. During a press conference in Westminster, Tice emphasized that his company operated within UK laws, stating there was no “obligation” to pay the highest possible tax. He posed a rhetorical question to journalists: “How many of your friends would voluntarily pay more tax than they are legally required?”

Tice suggested that the tax arrangement reflects a broader challenge for the UK economy, stating, “The idea that morally, we have to pay the maximum tax we possibly can—therein lies the road to ruin for the UK as an economy.”

Sir Ed Davey of the Liberal Democrats demanded Tice’s removal, labeling the situation “morally completely indefensible” and urging Nigel Farage to act swiftly.