Reform’s Richard Tice ‘happy to put things right’ after ‘he failed to pay £100k in corporation tax’

Richard Tice, deputy leader of Reform UK, has acknowledged a reported failure to pay nearly £100,000 in corporation tax linked to his investment activities between 2020 and 2022. The Sunday Times investigation revealed that four shell companies controlled by Tice did not pay tax on profits, benefiting his investment company which subsequently made significant donations to Reform UK. The issue centers on the misuse of Real Estate Investment Trust (REIT) status by Tice’s Quidnet property company, which paid out £514,000 in distributions to other companies that incorrectly treated these payments as tax-exempt dividends rather than taxable REIT property income distributions. Tice responded by stating he is “always happy to put things right” and would pay any owed tax if the numbers needed rechecking. He emphasized his extensive business career spanning 40 years and more than 150 directorships across 12 countries, acknowledging that errors can occur in complex corporate affairs. Reform UK described the tax shortfall as a “minor administrative error” and maintained that Tice had paid all advised taxes. The investigation, supported by Tax Policy Associates, highlighted that while Quidnet’s REIT status exempts it from corporation tax on rental profits, the recipient companies were liable for tax on the distributions, resulting in the estimated £98,000 tax liability. This controversy arises shortly after Tice called for the resignation of Labour’s Angela Rayner over her underpayment of stamp duty on a property purchase, an incident she attributed to legal advice. The contrasting responses have intensified scrutiny of Tice’s own tax affairs. The case underscores ongoing concerns about transparency and tax compliance among political figures, especially those involved in complex corporate structures and property investments. It also raises questions about the oversight of tax treatment for REITs and associated companies, highlighting potential loopholes in the UK’s corporate tax system.