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Nigel Farage’s offshore trust fund
Nigel Farage opened an offshore trust fund in a plan to slash his tax bill, a Mirror investigation has revealed. But he insisted he did not personally benefit from the trust fund he set up in a bid to save thousands of pounds in tax. And the UKIP leader even claimed he ended up out of pocket after opening the scheme on the Isle of Man. The 49-year-old paid a tax adviser to create the Farage Family Educational Trust 1654 in the tax haven – which he intended to channel funds through. The outspoken anti-Europe politician confessed its existence during a string of meetings with our investigators.
But the former City trader said: “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. “It was a mistake for three reasons. Firstly, I’m not rich enough to need one and I am never going to be. “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.”
Farage’s statements are even more extraordinary as he criticised offshore tax havens – naming the Isle of Man – in a speech in the European Parliament. – Mirror
“Use it or lose it” Miliband tells developers
Developers holding on to land with planning permission will be warned to “use it or lose it” by Ed Miliband. The Labour leader will tell his party’s national policy forum on Thursday that under a future Labour government developers who held on to land in the hope that it would increase in value could be served with compulsory purchase orders. His warning is designed to show his commitment to a housebuilding programme under a Labour government. He will point out in his speech that planning permission has been granted for 400,000 homes – equivalent to a city the size of Birmingham – which have not yet been built. In London alone 45% of land with planning permission for housing is in the hands of firms that do not build. He will set out proposals to give councils powers to charge developers fees for unnecessarily sitting on land or, as a last resort, serve them with a compulsory purchase order. – Guardian
The Labour leader is concerned that property prices have risen too high, making homes unaffordable for many young working families. He believes that homes must be built across the country but the priority should be to develop land that already has planning permission, rather than seeking to build on new greenfield sites. – Telegraph
Other highlights
- The Tories are fighting for the people Labour has abandoned – Fraser Nelson, Telegraph
- Whatever happened to the Tories’ green agenda? – Pete Hoskin, ConservativeHome
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