Addressing his long-standing ties to the donor's family, Tice previously rejected suggestions of impropriety regarding political contributions linked to Fiona Cottrell.
"My family have known the Cottrell family and the broader Hesketh family for 50 years," said Tice.
He further reiterated that her background made her an eligible political contributor under British election law.
"A very successful aristocratic family, and as far as I'm concerned, she's a permissible donor and that's the end of it," said Tice.
Outlining the scope of the ongoing criminal probe into election funding, law enforcement representatives confirmed that formal proceedings were actively progressing.
"An investigation was launched in February 2025 after a referral was made to the Metropolitan Police by the Electoral Commission relating to donations made to a political party ahead of the 2024 UK general election," said a Metropolitan Police spokesperson.
The police force noted that specialized detectives were reviewing potential breaches under electoral legislation.
"Detectives from the Met's Special Enquiry Team are investigating alleged offences under Section 61 of the Political Parties, Elections and Referendums Act 2000," said the spokesperson.
Law enforcement added that legal advice had been sought and individuals had been questioned as part of the gathering of evidence.
"Early investigative advice has been sought from the Crown Prosecution Service and two people have so far been interviewed under caution.
No arrests have been made," said the spokesperson.
The police clarified that regulatory limitations necessitated law enforcement intervention rather than administrative oversight.
"An offence under this section is not one that the Electoral Commission can investigate and, as such, it is a matter for the police," said the spokesperson.
Demanding full disclosure regarding the origin of Reform UK's financial backing, political opponents continued to call for additional clarity.
Labour Party Chairwoman Bridget Phillipson urged Reform UK leaders to "stop ducking questions and come clean about who's bankrolling the party."
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Metropolitan Police detectives continue to review transaction records, while a separate parliamentary inquiry into Reform UK leader Nigel Farage remains paused ahead of the August 13 by-election in Clacton.
