Nigel Farage faced scrutiny for urging Angela Rayner’s resignation following a stamp duty misstep while being questioned about his own tax-saving tactics regarding a new property purchase.
Despite publicly stating last year that he acquired a residence in Clacton, Essex, Farage’s partner, Laure Ferrari, actually bought the nearly £900,000 home. This move potentially saved them around £44,000 in stamp duty compared to if Farage had made the purchase himself as a second home, prompting accusations of hypocrisy akin to those leveled at Rayner.
When pressed on whether he financially assisted Ferrari in the purchase, Farage denied providing any funds, emphasizing her financial independence due to her family background. He maintained that the property belonged solely to Ferrari and refuted claims of tax avoidance, describing such allegations as baseless and unfair.
While Farage previously indicated that he bought the Clacton property and would reside there, he later clarified that Ferrari owned it. The property, featuring four bedrooms and a swimming pool, remains undisclosed in terms of its exact location within a sought-after neighborhood.
Regarding his property investments, Farage is a buy-to-let landlord with a portfolio valued at £3 million, which includes a family home in London and beachside properties in Kent. In the past, he set up an offshore trust to avoid inheritance tax, an action he later deemed a mistake and claimed not to have utilized.
Farage’s financial dealings have drawn criticism, with suggestions that he orchestrated significant stamp duty savings through the property acquisition by Ferrari. The complexity of his tax arrangements, including past instances involving offshore trusts, has raised questions about his financial transparency and adherence to tax regulations.
The Reform party, led by Farage, has received substantial donations from affluent individuals and entities associated with tax havens, a revelation that contrasts with the party’s patriotic image. The financial backing from such sources has totaled £16.5 million since 2019, prompting scrutiny over the party’s financial backing and its alignment with its purported values.