Nigel Farage faced criticism for urging Angela Rayner to step down after a stamp duty mistake while benefiting from tax savings on a new property purchase. Last year, it was revealed that Farage’s partner Laure Ferrari purchased a luxurious house in Clacton, Essex, for nearly £900,000, saving around £44,000 in stamp duty compared to if Farage had bought it as a second home.
Farage denied providing financial assistance to Ferrari for the purchase, emphasizing her independent financial capability. Despite this, questions arose regarding the discrepancy between his statements about the property ownership. Farage stressed that Ferrari solely owns the property and dismissed claims of tax avoidance as unfair.
The property, undisclosed for privacy reasons, boasts four bedrooms and a swimming pool in a desirable neighborhood. Farage’s financial status includes a £3 million property portfolio with various assets and investments. Notably, his business Thorn In The Side Ltd held over £1.7 million in cash as of last year, sufficient to cover the Clacton property cost in full.
Although no rules were breached concerning the Clacton property, concerns were raised by Good Law Project director Jo Maugham about conflicting information provided by Farage regarding the purchase. The scrutiny intensified due to Farage’s previous statements about Rayner’s situation and his own property dealings. Farage’s history includes setting up an offshore trust to avoid inheritance tax, which later faced legal and financial challenges.
Moreover, revelations from last year exposed significant donations to Farage’s Reform party from wealthy individuals and entities associated with tax havens, raising questions about the party’s funding sources and financial transparency.