Nigel Farage has admitted he set up an offshore Isle of Man trust fund in 2003 for tax reasons. His accountants tell the Mirror he made no money from it though:

“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.”

Though you can hardly say UKIP are in favour of anything other than lower tax bills, it’s tricky given Farage criticised the Isle of Man in particular in the EU parliament recently. He’s feeling the heat this morning. Welcome to big boys’ club…

UPDATE: Farage did have a go at the EU’s tax free salaries recently, though he defended the legality of tax havens and blamed high taxes for the need for tax havens. Not so hypocritical…