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Labour Urges Tax Investigation Into Reform's Richard Tice
Labour urges HMRC to probe Quidnet's tax avoidance via REIT-like status, with £580,000 in unpaid corporation tax linked to offshore and dormant company structures.
On Sunday, the Labour Party requested that His Majesty's Revenue and Customs investigate Reform UK deputy leader Richard Tice following a Sunday Times report alleging he avoided nearly £600,000 in corporation tax through his property company.
Tice's firm, Quidnet, utilized a real estate investment trust status from 2018 to 2021, which allowed a three-year "grace period" exempting the company from corporation tax while finding investors.
Calculations indicate the company avoided a £580,000 tax bill on £3.05m in profits, prompting Tax Policy Associates founder Dan Neidle to characterize the arrangement as "highly aggressive tax planning."
Turley described the reported case as "deeply troubling" and requiring investigation with "utmost urgency," stating in a letter to HMRC that "several important questions remain unanswered" about the firm's compliance.
Tice defended his business practices, insisting he is a businessman who "knows how to make money" and complied with all relevant laws, though he acknowledged attempting to diversify amid difficult market conditions.