- Was working on lyrics for The Lion King (1994) when he was approached at the last minute by Jeffrey Katzenberg to write lyrics for Aladdin (1992) because Aladdin's original lyricist, Howard Ashman, had passed away.
- Was knighted in 1994
- Wrote songs with Andrew Lloyd Webber that were not intended for musicals including a song "It's Easy For You" recorded by Elvis Presley in 1976.
- Originally wrote the lyrics for the song "Memory" for the Andrew Lloyd Webber -Trevor Nunn stage musical Cats. However, the show's director Trevor Nunn and Lloyd Webber had problems with his lyrics, which eventually led to Lloyd Webber commissioning Nunn to write his own lyrics for the tune. This drove a final nail into the already-splintered relationship between Tim Rice and Lloyd Webber, whose feud dates back to the days of their work on the original Evita concept album.
- Supporter and promoter of the British Conservative Party.
- Inducted into the Songwriters Hall of Fame in 1999.
- His favorite songs are "Singing The Blues" by Tommy Steele, "Different Drum" by Linda Ronstadt & The Stone Poneys, "Summertime Blues" by Eddie Cochran, "Pity The Child" by Murray Head, "Runaway" by Del Shannon, "Joanne" by Michael Nesmith, "His Latest Flame" by Elvis Presley, "Hugging My Grudge" by The Boy Least Likely To, "Girls Just Wanna Have Fun" by Cyndi Lauper and "Travelling Light" by Cliff Richard & The Shadows. (Source: BBC Radio 2 "Tracks of My Years").
- Evita (1996) was the first time he and Andrew Lloyd Webber collaborated together since their partnership dissolved after "Evita" premiered on Broadway.
- Has a brother, Jonathan, often known as Jo Rice, who has written some of the books of the TV series "Keeping Up Appearances" (1990) as well as co-founding The Guinness Book of British Hit Singles with Tim, Paul Gambaccini and Mike Read in 1977.
- Is a supporter of Sunderland Football Club of the English Premiership Division.
- Sang lead vocals with a pop group named The Aardvarks (1961-1963).
- He was awarded a Star on the Hollywood Walk of Fame for Live Theatre at 6243 Hollywood Boulevard in Hollywood, California.
- His musical, "Chess", at the Theo Ubique Cabaret Theatre, in association with Michael James, in Chicago, Illinois was awarded the 2010 Joseph Jefferson Award (Non-Equity Division) for Production of a Musical.
- His first published song, "That's My Story", appeared in 1965, which was the same year he met Andrew Lloyd Webber .
- Is the chairman of The Foundation For Sports and the Arts.
- He was nominated for a Laurence Olivier Theatre Award in 2000 (1999 season) for Best New Musical for The Lion King at the Lyceum Theatre.
- He was nominated for a 2004 Laurence Olivier Theatre Award for Outstanding Musical Production of 2003 for Joseph and the Amazing Technicolor Dreamcoat.
- Has won three Tony Awards: two in 1980, as Best Score, his lyrics with Andrew Lloyd Webber's music, and as Best Book (Musical) for "Evita;" and in 2000, as Best Original Musical Score, his lyrics with Elton John's music for "Aida." He was also Tony-nominated five other times: in 1972, as Best Score, him as lyricist and Webber as composer, for "Jesus Christ Superstar;" in 1982, as Best Score, his lyrics with Webber's music, and as Best Book (Musical) for "Joseph and His Amazing Technicolor Dreamboat;" in 1994, as Original Music Score, lyrics by him and Howard Ashman with Alan Menken's music for "Beauty and the Beast;" and in 1998, as Best Original Music Score, shared with several others, for "The Lion King."
- Father of author Eva Rice (born 1976) with Jane McIntosh.
- Father of Donald Rice (born 1978) with Jane McIntosh.
- He is a celebrity supporter of the Orchid Cancer Appeal in the United Kingdom.
- The fourteenth person and tenth man to receive the status of EGOT. The other recipients (chronologically) are Richard Rodgers, Helen Hayes, Rita Moreno, John Gielgud, Audrey Hepburn, Marvin Hamlisch, Jonathan Tunick, Mel Brooks, Mike Nichols, Whoopi Goldberg, Scott Rudin, Robert Lopez, Andrew Lloyd Webber, John Legend, Alan Menken, Jennifer Hudson, Viola Davis and Elton John. Actually, Tim, Andrew Lloyd Webber and John Legend became EGOTs together in 2018 when they won the Emmy as producers of the live television concert performance of "Jesus Christ Superstar".
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