Tice tax allegation rejected as MP carries on work 'representing the people of Boston and Skegness'
As Reform UK’s election campaign gathers pace, deputy leader Boston and Skegness MP Richard Tice has again found himself at the centre of political controversy after fresh allegations over the tax affairs of one of his businesses.
The latest claims have been made in a letter from the Labour Party to HM Revenue & Customs (HMRC), which calls for further investigation into Mr Tice and Quidnet REIT, a property investment company linked to him.
Labour says recent reports have raised questions over whether Quidnet REIT failed to withhold and pay tax on certain Property Income Distributions (PIDs) between 2020 and 2022, as required under the rules governing Real Estate Investment Trusts.
According to the letter, reports in The Sunday Times and by Tax Policy Associates alleged that around £91,000 to £120,000 in tax may not have been deducted and paid over at the time of those distributions.
The party argues that even if recipients later paid their own personal tax liabilities, that would not automatically remove any separate obligation on the company itself to deduct and account for tax when the payments were made.
Labour has asked HMRC to confirm the general rules applying to such payments and to consider a number of questions, including whether Quidnet REIT’s filings were accurate, whether any errors were corrected, and whether all relevant tax was ultimately paid.
The letter also revisits earlier concerns about Quidnet REIT’s status and whether its arrangements should be examined under anti-avoidance rules.
Labour says the matter is one of public interest because Mr Tice is deputy leader of Reform UK and the party’s spokesperson on business, trade and energy.
Mr Tice rejected the allegations when contacted by the Skegness Standard and pointed to comments published on social media.
He said: “Desperate still to smear me and Reform, The Sunday Times has again spent weeks pouring over my company accounts with a Labour-supporting tax accountant.
“All that effort has revealed overall HMRC received the correct amount of tax due.
“Journo now effectively complaining I paid too much tax rather than company pay some tax on my behalf – all due to a complex tax technicality around dividends to certain shareholder classes in REITs.
“But The Sunday Times refuses to investigate serious accounting irregularities and possible multi-million-pound electoral law breaches by Labour Party Properties Ltd, that I exposed.
“Meanwhile, I’ll get on with representing the people of Boston and Skegness and campaigning to kick out this dreadful government.”
HMRC has not commented publicly on the specific allegations.