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Tax avoidance costs economy £4.5 billion per year

Members of Take That are among almost 1,000 investors in a 'music industry investment scheme' HMRC consider a tax avoidance scheme.

HMRC are attempting to claw back some of the £4.5bn they lose each year through individual tax avoidance by taking action against such 'investment schemes.'

Revenue officials told The Times (£) they plan to take firm action against a company called Icebreaker Management services:

We have taken firm action to protect the Exchequer from unacceptable tax loss. We do not accept that the Icebreaker tax avoidance schemes have the tax effects their promoters claim.

Investors in the company, according to The Times (£), include:

  • Gary Barlow
  • Howard Donald
  • Mark Owen
  • Take That manager Jonathan Wild
  • Former England manager Terry Venables
  • Olympic silver medallist Colin Jackson