After Nigel Farage’s recent donations controversy, in which he was accused of failing to declare millions of pounds in donations that he said did not need to be declared because they had been given to him as a personal gift to fund increased personal security, Reform UK is facing another financial row.
Deputy leader Richard Tice has now accused the National Crime Agency (NCA) of leaking his company's bank statements to The Guardian. Tice has written to the agency demanding an investigation, saying he strongly suspects the NCA was the source of the confidential financial information.
According to the leaked documents, Tice's property company, Tisun Investments, received an £80,000 ($108,000) bridging loan in December 2024, which was repaid in February 2025.
The documents also showed that Britain Means Business, Tice's think tank, received a £1m ($1.33m) donation from Fiona Cottrell in June 2024. Of that sum, £500,000 ($670,000) was subsequently donated to Reform UK and declared to the Electoral Commission. The donations are now part of a Metropolitan Police investigation into political funding, although Reform UK maintains that all donations complied with Electoral Commission rules.
Tice's accounts were flagged to the NCA under its suspicious activity report (SAR) scheme, which requires banks to highlight large transactions, particularly international ones, under anti-money laundering legislation. Such reports are routinely filed for a wide range of transactions, particularly large or international transfers, and do not in themselves indicate wrongdoing.
Farage Debanking Scandal
The disclosure has prompted comparisons with previous controversies involving senior Reform UK figures and their finances. Nigel Farage has long argued that parts of the British establishment have sought to undermine him through the banking system.
In 2023, Coutts closed the private bank accounts Farage had held since the 1980s, initially claiming the decision had been made for commercial reasons because he no longer met the bank's wealth criteria.
However, Farage later obtained the bank's 40-page internal dossier assessing his suitability as a customer. The document described him as “xenophobic and racist” and concluded that retaining him as a client was inconsistent with Coutts' “position as an inclusive organization” because of his “publicly stated views”. The revelations contradicted the bank's earlier public explanation and triggered a political backlash.
The affair ultimately led to the resignations of Coutts Chief Executive Peter Flavel and NatWest Group Chief Executive Alison Rose. Rose also apologized after it emerged she had inaccurately briefed a BBC journalist that Farage’s accounts had been closed for commercial reasons. Farage subsequently questioned how the BBC had been able to report that explanation while claiming to have verified the information with its source, arguing that the discrepancy raised further questions about how the false account of the closure had entered the public domain.
Undoubtedly, Reform UK is viewed by many as a threat to the political status quo. British multimillionaire and climate activist Dale Vince launched a media outlet called Babelfish dedicated in part to scrutinizing the party's finances, publishing details of donations made to Reform UK and highlighting donors he alleges are tax exiles living abroad.
Vince's investigation claimed that five Reform donors responsible for £12.55m ($16.7m), around 67% of the party's annual donations, had provided overseas addresses to Companies House. It also identified a further £733,000 ($975,000) in donations from 18 individuals whom the investigation said it could not conclusively identify.
Of course, Vince did not examine why many wealthy individuals choose to relocate overseas in the first place. Supporters of lower-tax policies argue that high tax burdens and the broader business environment in the UK have made remaining in the country less attractive for entrepreneurs and investors, encouraging some to move their tax residence abroad. Some Reform donors have also chosen to return to Britain in order to support the party, such as Thai crypto billionaire Christopher Harborne.
Changes to Block Foreign Donations
Following Reform UK's electoral rise, the British political establishment moved quickly to tighten political donation rules. The Labour government is considering proposals to cap both individual and corporate donations to political parties at £100,000 ($133,000) per year, including donations from British citizens living overseas.
The changes would reduce the influence of wealthy overseas donors in British politics and disproportionately affect Reform UK, which has relied heavily on large private donations. Some have seen the changes as an attempt to impede the party.
Whether the latest controversy is another example of institutional bias or simply an unfortunate leak remains to be established. Yet, the combination of the Coutts debanking affair, proposals to curb large political donations and now allegations that confidential financial information has found its way into the media means that many Reform UK supporters see a pattern rather than a series of isolated incidents.
It is against that backdrop that Nigel Farage pointed to Dominic Cummings' warning that elements of Whitehall would “break the law” to prevent Reform from taking power. As the party continues to rise in the polls, the question for many voters will not simply be whether those allegations are true, but how far Britain's political and institutional establishment is prepared to go to protect the existing order.
