The Reform deputy leader turned to attacking the Sunday Times instead of engaging in scrutiny about his tax affairs
Reform’s deputy leader went off on a lengthy rant about a Times investigation into his tax affairs at a press conference this morning.
Yesterday, the Sunday Times reported that Richard Tice had avoided paying £580,000 in corporation tax by applying for Reit status for his property company Quidnet Reit.
The paper said Tice’s company did not qualify for Reit status, but benefitted from paying no tax between 2018 and 2021, during the three-year grace period firms are given to find investors.
Addressing the report at a Reform press conference, Tice said the paper’s journalist Gabriel Pogrund had made “all sorts of inferences” about him.
He then read out a tweet posted by Pogrund yesterday afternoon, which said: “Richard Tice is quite right, he paid tax as required”.
Tice responded angrily: “You might ask, why did he put me on the front page of the Sunday Times given that was his conclusion by the end of the afternoon?”
“Maybe he was just trying to smear me, or what,” he added.
The Reform deputy leader then read out Pogrund’s tweet again, before continuing to rant about how there is a new “moral imperative” in the UK “to pay the maximum tax you could possibly pay”.
Tice said: “We’ve entered a new world where there is a moral imperative now in the United Kingdom that you shouldn’t just pay tax, as required no no no, no you are naughty person, boy or girl unless you pay the maximum tax you could possibly pay.”
He continued his tirade, saying: “Oh yes, you should now reorganise your tax affairs according to Gabriel Pogrund and Dan Neidle [tax expert] so that you pay the absolute maximum tax possible.”
He added: “Apparently it is a bad idea, according to Gabriel Pogrund, to invest in a pension scheme and save money for your retirement. That now, is apparently, according to the Sunday Times, a bad idea.”
“You’re a naughty person if you save money in a pension scheme.”
Tice made the comments in response to the investigation reporting that 29% of Quidnet REIT’s shares were held in a self-invested personal pension (SIPP) owned by his family.
Money invested in Sipps is not subject to tax or capital gains until the money is withdrawn.
“That’s the world we’ve got to folks, I would gently suggest if that’s the world we’ve got to, don’t be surprised if people are saying something has gone badly wrong with the UK economy”.
He also added that people might leave the UK and go to live somewhere else as a result of this “moral imperative” to pay the maximum amount of tax.
Last year, Tice attacked former deputy prime minister Angela Rayner for underpaying £40,000 in stamp duty on a second property, despite him avoiding paying £580,000 in tax himself.
A journalist put it to Tice that he questioned whether Rayner had acted “morally correctly” and asked what the difference between being legally and morally “above board” when it comes to taxes.
Tice said: “As far as I understand she [Rayner] broke the rules and as the Sunday Times journalist confirmed in a tweet, I haven’t.”
Olivia Barber is a reporter at Left Foot Forward
Left Foot Forward doesn't have the backing of big business or billionaires. We rely on the kind and generous support of ordinary people like you.
You can support hard-hitting journalism that holds the right to account, provides a forum for debate among progressives, and covers the stories the rest of the media ignore. Donate today.