Reform’s deputy leader Richard Tice reportedly owes tens of thousands in unpaid tax, after claiming Angela Rayner should be sacked for owing less than half of what he allegedly owes
Richard Tice’s companies reportedly owes tens of thousands in tax(Image: PA)
Reform’s multi-millionaire donor and deputy leader Richard Tice has companies that owe almost £100,000 in corporation tax, it’s been claimed.
Tice ran four shell companies which didn’t pay any tax between 2020 and 2022. The move reportedly benefited his investment company, which subsequently made huge donations to Reform UK.
The alleged tax error stems from his property investment firm, Quidnet, which he still owns. Tice applied for Quidnet to become a Real Estate Investment Trust (REIT), which meant it paid no corporation tax.
But, that meant four ‘Tisun’ companies, which are directly linked to Quidnet, were not exempt from tax. The holding shares they each held in Quidnet should have been taxable, but it appeared no tax was paid.
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The four companies – adventurously named Tisun 1, Tisun 2, Tisun 3, and Tisun 4 – were solely created to receive payments from Quidnet. The first three firms were created on the same day, and Tisun 4 was created two years later.
It was later revealed that Tisun Investments Ltd transferred a huge £1.1million to the Reform party on the date it received its first dividend, as well as on the date of the last dividend, the Sunday Times reported. It is the first time his tax affairs can be directly linked to the finances of the party.
Tax expert Dan Neidle said it was “a really basic tax mistake”, and that it wasn’t “some deep tax nerd point”.
The Tax Policy Associates founder wrote on X: “I’d expect Richard Tice to know it. I’d certainly expect his advisers to know it. It’s a Google search away.
“£98k of corporation tax is due. Plus about £27k of interest. That means HMRC are likely to assess penalties for carelessness.”
Meanwhile, just eight months ago, Tice demanded that Keir Starmer sack Angela Rayner over failing to pay tax – less than half what he allegedly owes now.
Ms Rayner later resigned from her role as deputy prime minister after failing to pay enough tax on her £800,000 flat in Hove. She accepted she hadn’t paid enough tax due to complex arrangements surrounding a trust for her disabled son.
The new Hove flat should have been registered as a second home, which meant she should have paid an added £40,000 in stamp duty. Ms Rayner had sought legal advice at the time, but it didn’t “properly take account” of the situation. After an ethics advisor concluded she had broken the ministerial code, she stood down from the Government, and resigned the Labour deputy leadership.
Before she resigned, Tice was adamant that Ms Rayner should be sacked for her tax errors. He wrote in September 2025: “She called for others to resign over tax errors. She admits her own tax errors whilst Deputy Prime Minister
“If she has any integrity, she will resign. If not, Starmer must sack hypocrite Rayner.”
Ms Rayner’s £40,000 tax error pales in comparison to the alleged £98,000 that Tice’s companies owe. But, the Dubai expat blasted the investigation into his taxes as a “smear campaign”.
A Tice statement tonight read: “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. 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. It is worth noting that last time my political enemies did this to me, during the Brexit referendum, HMRC concluded that I had significantly overpaid.”
He added: “The relentless effort to tarnish my good name is the kind of behaviour that deters other successful business people from going into politics. The consequences are very real – as we can all see with the current Labour Cabinet, which is entirely devoid of business experience. The result? A flatlining economy and dire public services. All in a nation facing humiliation on the world stage.
“After several weeks of this treatment, I won’t be indulging the Sunday Times any further. I am working flat out for my constituents and campaigning for the local elections. If my primary interest were making money, I wouldn’t be giving everything I’ve got to trying to save our country.”
