‘Farage set up offshore fund to avoid tax’

UK Independence Party leader Nigel Farage paid a tax adviser to launch an educational trust in an offshore tax haven, which the MEP intended to use to reduce his tax bill, revealed the Daily Mirror in a frontpage story.

Farage admitted that the adviser had formed the Farage Family Educational Trust 1654 on the Isle of Man but insisted that he had not personally benefitted from the trust, adding: “It was a mistake.”

The controversial MEP, who earlier this year described people who evade tax as “the common enemy”, said he intended to use the trust “for inheritance purposes”, saying money could be used in the future to pay for private school fees for his grandchildren.