The newspaper claimed, external<\/a> Tice had avoided paying corporation tax on the company’s “multimillion-pound profits for most of 2018 to 2021” through gaining “rare legal status” for it as a real estate investment trust (Reit).<\/p>\nThe status gives firms a grace period in which they are exempt from corporation tax, according to the paper, and instead issue a portion of the company’s earnings to shareholders who are taxed individually.<\/p>\n
Tice reportedly channelled these dividends into structures including an offshore trust and “a string of dormant businesses”, which “reduced his exposure to tax”.<\/p>\n
The paper also claimed Quidnet “did not pass the technical tests for Reit status at the time and never did”, and had gained the status instead through a “legal quirk”.<\/p>\n
In a letter to HMRC on Sunday – which oversees firms with Reit status – Labour chair Turley said “several important questions remain unanswered”.<\/p>\n
She posed a range of questions related both to Quidnet and HMRC’s dealings with the firm, including whether Tice “and companies linked to him have paid all the tax they owe”.<\/p>\n","protected":false},"excerpt":{"rendered":"Tax avoidance is different to tax evasion, which is a criminal offence. The newspaper claimed, external Tice had…\n","protected":false},"author":2,"featured_media":477986,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[59,57,58,50,56,54,55],"class_list":["post-477985","post","type-post","status-publish","format-standard","has-post-thumbnail","category-united-kingdom","tag-gb","tag-great-britain","tag-greatbritain","tag-news","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/477985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=477985"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/477985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/477986"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=477985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=477985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=477985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}