On the same day Foreign Secretary Yvette Cooper moved to calm tensions in the Straits of Hormuz through an international Zoom call with 40 western political leaders, today’s FT reports Reform Party treasurer Nick Candy sold his Chelsea mansion for more than £270 million.
The sale follows his recent statement that he felt “completely safe” enjoying dinner at a Dubai beach restaurant during Iranian missile attacks, asserting there was “more chance of getting stabbed on a London street than of being injured in an Iranian attack”. He contrasted this with what he described as the UK’s “tentative and, for a time, largely absent” initial response to the crisis.
Candy simultaneously criticised Liberal Democrat leader Ed Davey’s characterisation of British expatriates in the UAE as “tax exiles,” labelling such remarks “downright disgraceful”.
This exchange occured against Candy’s extensive business engagements in the region, including his company Candy Capital’s joint venture with Abu Dhabi’s Modon Holding to develop residential, commercial and hospitality properties across the UAE and North Africa, and confirmed plans to build “Candy Towers” in Dubai’s One Central districrict. Candy has also publicly stated that “the rich are moving to Dubai,” citing factors including tax considerations, safety perceptions, and lifestyle preferences.
Davey argued in parliamentary debate that those benefiting from UK armed forces protection overseas should contribute to its funding through taxation, specifically referencing “tax exiles like Isabel Oakeshott and washed-up old footballers. He maintained it was “only right” for such individuals to pay taxes to support the Armed Forces “just like the rest of us do”.
The Reform party now faces some key questions about how its politicians’ statements should align with national responsibilities during a crisis.
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Given his statement that he feels safer in Dubai than in London, does Reform believe the UK should join an international naval operation to secure the Straits of Hormuz, or should Britain rely on diplomatic and economic measures alone?
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If Candy relocates his tax base to the UAE, will he continue to serve as treasurer of Reform UK, and how will that align with the party’s domestic funding and accountability requirements?
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Is he planning to change his tax residency to the UAE?
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In light of Candy’s comments on Dubai’s safety, what specific security or governance reforms would he advocate for the UK to make it a comparable safe haven for residents and investors?
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Will he pay UK Capital Gains Tax on the approximately £195 million profit from the sale of Providence House, or does he intend to claim principal private residence relief?
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Does he anticipate selling any of his remaining UK properties, such as the One Hyde Park penthouse, and will those proceeds also be subject to UK taxation?
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How does he reconcile his criticism of Ed Davey’s “tax exiles” remarks with his own extensive business interests and property holdings in Dubai?