UKIP leader Nigel Farage admits setting up an offshore fund to avoid tax

UKIP leader Nigel Farage was left red-faced yesterday after it emerged he had opened an offshore trust fund to slash his tax bill.

According to the Daily Mirror, Farage opened the Farage Family Educational Trust 1654 over 10 years ago with his brother Andrew.

Farage is believed to have owned shares in the trust after transferring shareholdings from his trading firm Farage Ltd.

Farage claimed that he never used the fund and said: “It was a mistake. I’m not rich enough.”

“My financial advisors recommended I did it, to have a trust really for inheritance purposes and I took the advice and I set it up. It was a mistake.

“I was a completely unsuitable person for it. I am not blaming them it was my fault.”