Farage said in 2013 that he had hired a tax advisor to set up the Farage Family Educational Trust 1654, a trust that Farage said was used "for inheritance purposes", on the Isle of Man. Farage later described this "as standard practice", but stated he "decided I didn't want it. I never ever used it. The Isle of Man is not a tax haven." Farage has since said that this was a mistake: that he was "not rich enough" to need it, that what was seen to be fair 10, 20 or 30 years ago wasn't anymore, and that it cost him money. He has criticised the political discourse surrounding tax avoidance as a "race to the bottom". The BBC reported: "The Isle of Man was one of the UK's crown dependencies which signed an agreement on corporate disclosure at a recent meeting with David Cameron amid claims that individuals and firms are using offshore locations to reduce their tax liabilities", adding that the Isle of Man rejects any allegations that they are used for the purpose of tax avoidance.