Allegations have surfaced regarding Richard Tice, the deputy leader of Reform, a prominent donor with significant wealth, and his involvement with companies that reportedly owe nearly £100,000 in corporation tax.
Tice managed four dormant companies that did not fulfill their tax obligations between 2020 and 2022, allegedly benefiting his investment company, which subsequently made substantial contributions to Reform UK.
The purported tax discrepancy is linked to Tice’s property investment enterprise, Quidnet, which he still possesses. Tice sought REIT status for Quidnet, exempting it from paying corporation tax.
However, this status did not extend to four affiliated ‘Tisun’ companies linked to Quidnet. These companies, created solely to receive payments from Quidnet, should have paid tax on the shares they held in Quidnet, though no tax payments were evident.
The four companies, named Tisun 1, Tisun 2, Tisun 3, and Tisun 4, were established to interact with Quidnet, with the first three entities originating on the same day and the fourth two years later.
Reports indicate that Tisun Investments Ltd transferred a significant £1.1 million to the Reform party on the dates of its first and last dividends, as detailed by the Sunday Times. This marks the first instance where Tice’s tax affairs are directly connected to the party’s finances.
Tax expert Dan Neidle characterized the situation as a fundamental tax oversight rather than a complex matter, emphasizing that the owed corporation tax amounting to £98,000, along with approximately £27,000 in interest, may lead to penalties for negligence from HMRC.
In a contrasting scenario from eight months ago, Tice had called for the dismissal of Angela Rayner by Keir Starmer over tax nonpayment, an amount significantly lower than what his companies now owe.
Rayner eventually stepped down from her deputy prime minister role due to insufficient tax payments concerning her £800,000 residence in Hove, acknowledging the oversight related to a trust for her disabled son.
The tax issue with Rayner’s property was compounded by the misclassification of her Hove flat as a second home, necessitating an additional £40,000 payment in stamp duty. Following an ethics inquiry and breach of ministerial code, Rayner resigned from her Labour deputy leadership position.
Prior to her resignation, Tice vocally advocated for Rayner’s dismissal over tax discrepancies, highlighting the disparity between Rayner’s £40,000 error and the alleged £98,000 owed by his companies. Tice criticized the tax investigation as a targeted smear campaign.
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