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
Comedian Jimmy Carr has admitted he made a "terrible error of judgement" over his tax arrangements.
Jimmy Carr did not break the law, but he exemplifies the feeling that the rich live by different rules than the rest of us.
The Government has re-stated it will crack down on the shady world of tax avoidance. Laws to do so may now be fast-tracked.