"Nigel Farage is using a private company to reduce his tax bill on his GB News media appearances and other outside employment in a television star-style arrangement that has in recent years become frowned on by major broadcasters. The Reform UK leader diverts money from his prime-time TV show into his company, which means that he paid only 25% corporation tax on profits, instead of 40% income tax, and could offset some expenses."
"The Clacton MP, who is also paid a 94,000-a-year MP's salary, has in the past criticised people who try to avoid tax as the common enemy and has previously come under fire for setting up a trust fund in an offshore tax haven. He has also claimed that some tax avoidance schemes were acceptable. Most forms of legal tax avoidance are OK, but clearly some are not, he said in 2014, adding that nobody voluntarily paid anything to HMRC while defending reducing a tax bill within the law."
"The parliamentary register of interests shows that Farage has made nearly 400,000 from GB News since August 2024, for about 190 hours' work. This suggests he is being paid more than 2,000 an hour by the news channel. All payments for his GB News work are paid directly to his company, Thorn in the Side Ltd, of which he is the director and only shareholder."
Nigel Farage diverts income from GB News and other outside employment through a private company, paying 25% corporation tax on profits rather than higher income tax rates and offsetting some expenses. The payments for his GB News work are routed to Thorn in the Side Ltd, where he is director and sole shareholder. The parliamentary register shows nearly 400,000 earned since August 2024 for about 190 hours' work, implying more than 2,000 an hour. He also receives a 94,000-a-year MP's salary. Personal service companies remain legal but have faced criticism and tighter HMRC and broadcaster rules.
Read at www.theguardian.com
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