I'll say this for Lord Tebbit, having read the attached article he's obviously gained/developed a sense of humour.
As for whether he is right about UKIP, well only time will tell but it's important not the lose sight of the fact that they're a basically single-interest pressure group with a few unworkable social and economic policies tacked on for effect.
They're doing well at the moment partly because of the Eurozone crisis, and controversy over issues such as extradition and asylum. They'll always pinch votes off the Tories in by-elections, especially when there is an unpopular Tory government seen as too "soft" by what one might politely (but probably inaccurately) term the "core Tory voter". Their vote tends to tail off in general elections as more people's minds become focussed on who's going to do best for the economy, rather than making a protest.