Tice £91,000 tax row is ‘minor administrative error’, party claims

Tice £91,000 Tax Dispute Labeled ‘Minor Administrative Oversight’

Party’s Position on Tax Reporting

Reform UK has characterized a recent tax dispute involving its deputy leader Richard Tice as a ‘minor administrative error’. The controversy centers around his property firm, which reportedly did not remit £91,000 in tax prior to distributing dividends to Tice and his Jersey-based trust, as detailed by the Sunday Times.

“We neither confirm nor deny investigations and we cannot comment on identifiable individuals,” stated a representative from HM Revenue and Customs.

Reform UK’s Explanation of the Issue

Quidnet REIT Limited, the company in question, invests in real estate. According to the report, it missed a 20% levy on dividends before transferring profits to Tice and his offshore trust. Zia Yusuf, Reform UK’s home affairs spokesperson, acknowledged this as a ‘minor administrative error’ but dismissed it as a ‘non story’.

“Any tax not paid or underpaid by the company would then be overpaid by Richard himself through income tax,” Yusuf explained.

Labour’s Stance and Calls for Action

Labour has framed the incident as a ‘major scandal’ that undermines Tice’s integrity. The party’s chair, Anna Turley, recently urged HMRC to investigate Tice’s tax affairs after the Sunday Times highlighted potential savings of nearly £600,000 in corporation tax.

“This is a major scandal which goes to the heart of Richard Tice’s integrity and credibility,” said a Labour spokesperson.

Tice’s Response and Broader Claims

Richard Tice, in a post on X, argued that the Sunday Times’s findings showed HMRC received the correct tax in total. He contended that the report effectively accused him of paying excess tax rather than his company fulfilling its obligations.

At a Westminster press conference, Tice maintained that Quidnet REIT Ltd adhered to UK laws, noting no ‘obligation’ to pay the maximum tax required. He posed a rhetorical question to journalists: “How many friends of yours would voluntarily choose to pay more tax than they are legally obliged to do?”

Tice further suggested that demanding the highest possible tax payments could jeopardize the UK’s economic stability, stating, “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.”