Richard Tice's Firm Accused of Failing to Pay Dividend Tax
Richard Tice, the deputy leader of Reform UK, faces allegations that his property investment company, Quidnet REIT Ltd, broke the law by failing to pay approximately £120,000 in withholding tax on dividends. According to a report by The Sunday Times and analysis by Dan Neidle of Tax Policy Associates, the company did not deduct the required 20% levy before distributing profits to Tice and his offshore trust in Jersey. Consequently, Tice allegedly received at least £91,000 in excess payments. Tice has strongly denied wrongdoing, describing the claims as a political smear and asserting that HMRC received the correct total tax amount because he personally paid income tax on the dividends at the highest rate. He characterized the issue as a complex technicality regarding Real Estate Investment Trusts. However, experts argue that the company’s legal obligation to withhold tax remains independent of subsequent personal payments. The controversy has drawn sharp criticism from Labour and Liberal Democrat leaders, who question Tice’s integrity and call for an explanation, marking another scrutiny of his financial arrangements following previous allegations of corporation tax avoidance.
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Richard Tice's Firm Accused of Failing to Pay Dividend Tax
Richard Tice, the deputy leader of Reform UK, faces allegations that his property investment company, Quidnet REIT Ltd, broke the law by failing to pay approximately £120,000 in withholding tax on dividends. According to a report by The Sunday Times and analysis by Dan Neidle of Tax Policy Associates, the company did not deduct the required 20% levy before distributing profits to Tice and his offshore trust in Jersey. Consequently, Tice allegedly received at least £91,000 in excess payments. Tice has strongly denied wrongdoing, describing the claims as a political smear and asserting that HMRC received the correct total tax amount because he personally paid income tax on the dividends at the highest rate. He characterized the issue as a complex technicality regarding Real Estate Investment Trusts. However, experts argue that the company’s legal obligation to withhold tax remains independent of subsequent personal payments. The controversy has drawn sharp criticism from Labour and Liberal Democrat leaders, who question Tice’s integrity and call for an explanation, marking another scrutiny of his financial arrangements following previous allegations of corporation tax avoidance.
The Guardian