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last mo.

Richard Tice Defends Tax Record as Labour Seeks HMRC Probe Over Reported £600,000 REIT Tax Break

The Reform UK deputy leader says his company followed UK law and argues people should legally minimize their tax bills.

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Richard Tice says he followed the rules and that “voters should be reassured to have a successful businessman running a business, trade and energy department
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Overview

  • At a Westminster press conference, Richard Tice said there is no obligation to pay more than the law requires and encouraged taxpayers to minimize liabilities within the rules.
  • Labour said it has asked HMRC to examine Sunday Times reports that Quidnet Reit Ltd avoided nearly £600,000 in corporation tax from 2018 to 2021 by using REIT status after a Guernsey listing.
  • Mr Tice maintained Quidnet was a UK company paying UK tax in accordance with the rules and said seeking REIT status is common practice in the property sector.
  • He countered by claiming Labour Party Properties Ltd paid no corporation tax on about £30 million of rental income over 25 years, a stance Labour dismissed as excuses.
  • Reports also describe an ownership structure involving an offshore trust and dormant entities and note Quidnet no longer has REIT status, with no public confirmation of an HMRC inquiry.