The deputy leader of Reform<\/a> ran four shell companies which did not pay any tax on profits between 2020 and 2022<\/a>, The Sunday Times reported<\/a>.<\/p>\n That benefited his investment company, which went on to make huge donations to the party, the newspaper said.<\/p>\n Mr Tice said in a statement that a long career with multiple businesses was \u201cbound to feature some errors\u201d. He said he would be happy to \u201cpay what is owed\u201d if necessary.<\/p>\n It comes after Reform UK said last week the reported failure of Mr Tice’s company to pay tens of thousands of pounds in tax on dividends was \u201ca minor administrative error\u201d<\/a>.<\/p>\n The latest report claimed that Mr Tice had used his Quidnet property company\u2019s Real Estate Investment Trust (REIT) status to save tax. <\/p>\n REIT companies are exempt from UK corporation tax on rental profits, and on capital gains from property rentals.<\/p>\n Quidnet paid \u00a3514,000 of distributions to four companies, according to the report. While Quidnet, having REIT status, would have been exempt from corporation tax, the other companies would not.<\/p>\n The payments were wrongly treated as tax-exempt ordinary dividends, where they should have been treated as taxable REIT property income distributions, the newspaper\u2019s investigation concluded.<\/p>\n That would mean some \u00a398,000 of corporation tax was owed on the income, according to the report, compiled with Tax Policy Associates, a think tank that helped worked on the investigation.<\/p>\n Mr Tice said he had \u201calways paid everything that I was advised to pay\u201d but was \u201chappy to put things right\u201d if needed.<\/p>\n “In a highly successful career spanning 40 years, I have done business in 12 countries across three continents, and been a director of more than 150 companies,\u201d he said.<\/p>\n “Here’s the reality: tax efficiency is a basic corporate responsibility and duty to shareholders. A long career with multiple businesses is bound to feature some errors.<\/p>\n “Naturally, I am always happy to put things right and if numbers need rechecking, of course, I will pay what is owed – be that more or less.”<\/p>\n![\"Richard](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/04\/01KNPN7J7HK48RE09PY5C86PT7.jpg\")
Richard Tice is facing questions over his tax affairs (PA)<\/p>\n![\"Richard](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/04\/2262783570.jpg\")
Richard Tice (L) with Reform leader Nigel Farage in February (Getty)<\/p>\n
![\"Angela](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/04\/2260698701.jpg\")
Angela Rayner (pictured in February) admitted in September to underpaying stamp duty when she bought her home in Hove (AFP\/Getty)<\/p>\n