Richard Tice, the multi-millionaire donor and deputy leader of Reform UK, reportedly has companies that owe almost £100,000 in corporation tax. The alleged tax error stems from his property investment firm, Quidnet, which he still owns. Tice applied for Quidnet to become a Real Estate Investment Trust (REIT), meaning it paid no corporation tax. However, four 'Tisun' companies directly linked to Quidnet were not exempt from tax, and it appears no tax was paid on the holding shares they each held in Quidnet.
The four companies – Tisun 1, Tisun 2, Tisun 3, and Tisun 4 – were created solely to receive payments from Quidnet. The first three were created on the same day, and Tisun 4 was created two years later. Tisun Investments Ltd transferred £1.1 million to the Reform party on the dates it received its first and last dividends, directly linking Tice's tax affairs to the party's finances for the first time.
Tax expert Dan Neidle, founder of Tax Policy Associates, described the situation as 'a really basic tax mistake' that was 'not some deep tax nerd point'. He stated that £98,000 of corporation tax is due, plus about £27,000 in interest, and that HMRC is likely to assess penalties for carelessness.
Just eight months ago, Tice demanded that Prime Minister Keir Starmer sack Angela Rayner over her failure to pay enough tax on her £800,000 flat in Hove. Rayner later resigned as deputy prime minister after an ethics advisor concluded she had broken the ministerial code. Her tax error amounted to £40,000 – less than half the amount Tice's companies allegedly owe.
In response, Tice blasted the investigation as a 'smear campaign'. He stated that he has taken professional tax advice throughout his 40-year career and has always paid everything he was advised to pay. He added that if numbers need rechecking, he will pay what is owed, and noted that during the Brexit referendum, HMRC concluded he had significantly overpaid.
