You are here: Home - Investing -

Celebs exposed in £1.2bn tax avoidance scheme

Written by:
A number of celebrities, including Weakest Link presenter Anne Robinson and members of Take That, have been exposed as participants in a £1.2bn tax avoidance scheme, according to reports.

The Liberty tax strategy, based out of Jersey, enabled investors to escape income tax by paying 7p in the pound in fees.

According to a report in the Times, Robinson paid £280,000 to use the Jersey-based scheme to avoid tax on about £4m.

Meanwhile, Take That members Gary Barlow, Howard Donald and Mark Owen are understood by the paper to have sought to avoid tax on £6.5m through the scheme.

It was based on the buying and selling of dividends offshore, generating more than £1bn in artificial losses, which members could offset against their own tax bills.

The strategy came to the attention of HMRC in 2006, although it has taken more than six years to bring the scheme to a tax tribunal, which is expected to sit next spring.

While it was shut down after new legislation was brought in by the government, HMRC has yet to challenge the investors who avoided tax through the scheme, with an average of £300m sheltered a year between 2004 and 2008.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
What the BoE’s decision means for the consumer

The Bank of England has held interest rates at 0.5% for the 43rd consecutive month and kept its bond purchase...