Ukip leader Nigel Farage admits off-shore fund was ‘a mistake’

Ukip leader Nigel Farage was today accused of hypocrisy over a fund he set up in an off-shore tax haven.

Despite slamming tax dodgers in the European Parliament, Mr Farage today admitted opening the fund on the Isle of Man which could have helped him save thousands of pounds on his tax bill.

The eurosceptic politician said it had been “a mistake” adding that he established the fund believing it may help his children avoid inheritance tax.

However, he said the mechanism had not made him money before he closed it adding that he had even incurred costs.

The Ukip Leaders’s opponents were quick to attack this morning with Tories claiming it showed Mr Farage “says one thing, but then does another”.

But speaking to the Standard, the Ukip leader said senior figures in both Labour and Conservative parties had similar tax arrangements.

He said: “The criticism is a bit rich given cabinet members have active trust funds. It’s not for me to tell people what they should or shouldn’t do if they are acting within the law.

“But if there was a debate on the issue, I think everyone would be surprised by how many people in Parliament have got trust funds.”

Chancellor George Osborne is believed to be the beneficiary of a trust fund which owns 15 percent of his family business Osborne & Little founded by his father, the baronet Sir Peter Osborne.

Mr Farage continued: “I have no trust fund now, it was briefly opened on the advice of a financial advisor.