Richard Tice's property investment company has been accused of breaking the law by failing to pay tens of thousands of pounds in tax on dividends paid to him and an offshore trust. The Sunday Times reported that Quidnet REIT Ltd, founded and run by the Reform UK deputy leader, did not pay a required 20% withholding tax on dividends before channelling profits to Tice and his trust in Jersey.
The newspaper said Tice received at least £91,000 in excess payments as a result. Dan Neidle of Tax Policy Associates, whose analysis was cited, estimated that the total tax that should have been paid by the company was about £120,000.
Tice, MP for Boston and Skegness, denied wrongdoing, describing the claims as a “smear”. In a post on X, he said: “All that effort has revealed overall HMRC received the correct amount of tax due.” He added that he had paid income tax on all dividends received and had acted on “professional accountancy advice”.
Quidnet is a real estate investment trust (Reit), which does not pay corporation tax but is required to deduct withholding tax at 20% on dividends for certain shareholders. Neidle said the company’s legal obligations were separate from any tax paid by Tice or his trust.
The allegations follow earlier claims in March that Tice had “avoided nearly £600,000 in corporation tax”. Labour chair Anna Turley said the latest report was “a major scandal”, while Liberal Democrat leader Ed Davey said Farage should sack Tice immediately. A Reform UK spokesperson said: “Richard has paid all tax due.”
