Reform’s Richard Tice reportedly failed to pay £100,000 in tax

The outlet reports that Tice failed to pay tax on any profits made from of his four shell companies between 2020 and 2022.

The shell companies were set up to receive dividends from his property investment firm and then pass that money into its parent company, according to The Sunday Times.

Tisun Investments Ltd then reportedly donated £1,113,000 to Reform UK in the period of March 2020 and May 2022.

The Boston and Skegness MP responded to the reports, saying he is “always happy to put things right”.

In a statement shared to X, the 61-year-old said his “long career with multiple businesses” mean that his accounts were “bound to feature some errors”.

Expert Dan Neidle, who founded Tax Policy Associates, said that “around £98k of corporation tax is due” with “about £27k of interest” also due.

“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,” Tice wrote in his statement.

“I have helped build thousands of homes, creating thousands of jobs and generating hundreds of millions of value for shareholders and investors along with many tens of millions of tax for HMRC.

“I am very proud of this record. Throughout this career I have taken professional tax advice and have always paid everything that I was advised to pay.

“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.

“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.”

Robert Jenrick, who is Reform’s Treasury spokesperson, said on Sunday Morning that Tice “thinks he may have overpaid tax because he paid it through his personal taxation, rather than through the company”.

“If it transpires that he’s underpaid tax, of course he’ll settle it. But that is not his position. He thinks he’s paid the right tax, and that’s absolutely right,” he told BBC’s Sunday With Laura Kuenssberg.

“As far as I know, HMRC are not investigating. So there is no story.”