The leader of the UK Independence Party opened a fund for his family in an offshore tax haven
“It was a mistake; I did it for inheritance purposes but then I never used it”
Just last month he defined them as a “common enemy:” the “rich people or successful companies” who evade taxes. For the leader of the UK Independence Party (UKIP), Nigel Farage, they were the evil ones to combat. Right! It’s a shame that while this leader of the Eurosceptics was pointing the finger, he opened a fund in an offshore tax haven to circumvent revenue and reduce the amount on liable taxes. The Daily Mirror revealed it on the front page headlines of today’s newspaper with the title: “Farage set up offshore fund to avoid tax.” This is much more than a simple insinuation, so much that the UKIP leader already had to admit his guilt, trying to explain his position.
The “Farage Family Educational Trust 1654” is the name of the fund; it was opened by a consultant on the Isle of Man but the MEP guaranteed he never personally benefited from it. He explained to the Mirror that he opened the fund under advice from financial consultants for “inheritance purposes” and to put some money aside to pay for education for grandchildren. “It was a mistake” admits Farage, for many reasons: “in the first place – he says – I’m not rich enough to need one and I am never going to be.”
Secondly, as indicated, Farage would have had shares in the fund as of 2003, after reportedly having transferred his shareholding from Farage Limited. The British politician however has assured that he is not a beneficiary and that all the dividends, £969,000, will go to his brother Andrew, as confirmed by the company accountant as well.
The profile of the situation, in other words, is yet to be explained. But there is already enough to cause a fuss, above all considering Farage’s inflexible attitude up to this time toward tax evaders. Acting on behalf of MEPs, just last month, he encouraged his fellow Parliament members to confront, inasmuch their “common enemy,” European bureaucrats who earn £100,000 Sterling a year and pay 12% tax under EU rules. “It is tax fraud on an absolutely massive scale” he said: “How can they be deemed fair?”
