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The Labour Party has formally requested an investigation by His Majesty’s Revenue and Customs (HMRC) into the tax practices of Richard Tice, deputy leader of Reform UK. This move follows a report by the Sunday Times, which alleged that Tice avoided nearly £600,000 in corporation tax through his property firm.
Anna Turley, chair of the Labour Party, expressed serious concerns in her letter to HMRC, describing the situation highlighted by the report as “deeply troubling” and calling for urgent scrutiny. The article claimed that Tice’s company, Quidnet Reit Ltd, had used its status as a real estate investment trust (Reit) to evade corporation tax on substantial profits made from 2018 to 2021. According to the report, this status provided the company with a tax-exempt period during which profits were distributed to shareholders, who paid tax individually.
The Sunday Times investigation also stated that Quidnet did not genuinely meet the technical criteria required for Reit status, instead securing it through what it described as a “legal quirk.” Additionally, the firm reportedly directed dividends into offshore trusts and a series of dormant companies, effectively reducing Tice’s tax liabilities. Labour’s letter to HMRC raised multiple questions regarding Quidnet’s operations and its tax compliance, asking specifically whether Tice and his affiliated companies had fulfilled their tax obligations in full.
Richard Tice responded to these allegations by affirming his compliance with applicable laws. He emphasized that Quidnet is a UK-based company paying taxes in accordance with UK regulations. Tice defended his actions by stating, “Voters should be reassured to have a successful businessman who knows how to make money for shareholders running a business, trade and energy department, making money and growth for taxpayers.” He further remarked, “If the country had had this before maybe we would not be in the current dire economic pickle,” while noting that seeking Reit status is common practice for property businesses and that having a range of shareholders, including directors, in a UK company is neither unusual nor complex
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