Arabic version: حزب العمال يطلب تحقيقًا ضريبيًا في ريتشارد تايس من إصلاح المملكة المتحدة
The Labour Party has asked His Majesty’s Revenue and Customs to investigate the tax affairs of Reform UK deputy leader Richard Tice. This move comes after a report by the Sunday Times alleged that Tice had “avoided nearly £600,000 in corporation tax” through his property company, Quidnet Reit Ltd. Party chair Anna Turley emphasized the need for urgent scrutiny, stating that the article presented a “deeply troubling case which needs to be investigated with the utmost urgency”. According to BBC News, Labour’s letter to His Majesty’s Revenue and Customs (HMRC) raises several important questions regarding Tice’s tax practices.
The Sunday Times report claimed that Tice’s company had avoided corporation tax on the company’s “multimillion-pound profits for most of 2018 to 2021” by obtaining a rare legal status as a real estate investment trust (Reit). This status allows firms to be exempt from corporation tax for a period, instead distributing a portion of earnings to shareholders who are taxed individually. However, the report also suggested that Quidnet “did not pass the technical tests for Reit status at the time and never did” and had acquired it through a “legal quirk”.
In response to the allegations, Tice defended his business practices, asserting that he had complied with all relevant rules and regulations. He stated that Quidnet is “a UK company paying UK tax in accordance with UK laws”. Tice also argued that it is common for property companies to seek Reit status and that there is nothing unusual about having a diverse range of shareholders, some of whom are directors.
Labour’s letter to HMRC specifically questions whether Tice and any associated companies have fulfilled their tax obligations. The party is seeking clarity on the dealings between HMRC and Quidnet, highlighting the need for transparency in the tax practices of political figures. Tice’s position as spokesman for business, trade, and energy adds further scrutiny to the situation, as he emphasizes the importance of having successful business leaders in government roles.
