Labour Calls for HMRC Probe into Tice's Tax Affairs

The Labour Party has called for an investigation by His Majesty's Revenue and Customs into the tax affairs of Reform UK deputy leader Richard Tice following reports that he avoided nearly £600,000 in corporation tax through his property company between 2018 and 2021.

The scrutiny intensified after a report detailed how Tice's firm, Quidnet Reit Ltd, gained real estate investment trust (REIT) status, which provided a three-year grace period exempting it from corporation tax on multimillion-pound profits. Under REIT rules, a portion of earnings is distributed to shareholders, who pay tax individually rather than the company facing the corporate rate. The company reportedly did not meet the standard technical requirements for REIT status but qualified through a legal provision, allowing it to benefit from the exemption while channeling dividends into structures including an offshore trust and several dormant businesses, further reducing Tice's personal tax exposure. Quidnet no longer holds REIT status.

Labour Party chair Anna Turley wrote to HMRC on Sunday, describing the case as deeply troubling and urging an urgent review. She raised questions about whether Tice and associated...