UKIP’s Nigel Farage deliberately avoids paying tax in the UK

UKIP’s Nigel Farage deliberately avoids paying tax in the UK

The UK Independence Party leader paid a tax adviser to set up the Farage Family Educational Trust 1654 on the Isle of Man.

Mr Farage said opening the scheme had been a mistake because “things that we thought were absolutely fair practice 10 years, 20 years ago, 30 years ago aren’t any more”.

However, Mr Farage insisted that he never used the scheme, claiming that he was “not rich enough” to need the offshore fund.

Farage set up off shore fund to avoid Tax

Mr Farage, who has previously described wealthy people who evade tax as the “common enemy”, told the Daily Mirror: “My financial advisers recommended I did it, to have a trust really for inheritance purposes and I took the advice and I set it up.

“It was a mistake. I was a completely unsuitable person for it. I am not blaming them it was my fault.

“It’s a vehicle that you chuck things in through your life that you don’t need and you build up a trust fund for your children or grandchildren.

“It was called an educational trust and could have been used for grandchildren’s schools fees, things like that.”

Mr Farage reportedly transferred his shareholding in Farage Limited in 2003 to the trust based in Douglas, the capital of the Isle of Man. However, the Ukip leader insisted he was not a beneficiary of any dividends from the Farage Family Educational Trust.

The accountant for Farage Limited, Spencer Watson, said that no dividends had been paid to Mr Farage.

Mr Farage said setting up the trust was a mistake for three reasons.

“Firstly, I’m not rich enough to need one and I am never going to be,” he said.

“Secondly, frankly, the world has changed. Things that we thought were absolutely fair practice 10 years, 20 years ago, 30 years ago aren’t any more. Thirdly, it was a mistake because it cost me money. I sent a cheque off to set it up.”

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Comments
One Response to “UKIP’s Nigel Farage deliberately avoids paying tax in the UK”
  1. Mel O'Fruitfulness says:

    So he hasn’t actually avoided paying tax by doing this.

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