Nigel Farage admits trying to avoid tax with offshore fund
Farage confessed to the fund (Picture: EPA/Patrick Seeger)

Nigel Farage tried to avoid tax by setting up an offshore trust fund, an investigation has revealed.

The former Ukip leader admitted to the fund after an investigation by the Mirror discovered the scheme on the Isle of Man.

Farage, 49, told the Mirror his ‘financial advisers recommended I did it’.

He added: ‘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.

Nigel Farage admits trying to avoid tax with offshore fund
Farage had spoken out before against offshore funds (Picture: Justin Tallis/AFP/Getty Images)

‘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.’

He maintained that he never actually saw any financial benefit from the fund.

In a speech to the European Parliament Farage once actually criticised offshore tax funds, even naming the Isle of Man as a location where many are based.

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