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Subject: Gary Barlow and Take That stars face paying back more than £20m in tax
Written By: Philip Eno on 05/10/14 at 8:14 am
Gary Barlow and two other Take That stars face having to pay back tens of millions of pounds in tax after a court ruled they were part of a massive tax avoidance scheme.
The singer-songwriter, Howard Donald, Mark Owen and manager Jonathan Wild poured £66million into two partnerships styled as music-industry investment schemes.
But the ventures were artificial tax shelters for the super-rich which allowed the musicians to avoid tax on about £63million from world tours and CD sales.
The Take That members are likely to be ordered to repay more than £20million to HM Revenue & Customs.
Tax judge Colin Bishopp rejected arguments that more than 50 partnerships, set up by a company called Icebreaker Management, had been set up for commercial purposes.
He said: “Icebreaker is, and was known and understood by all concerned to be, a tax avoidance scheme.
“The aim was to secure relief for members, and to inflate the scale of the relief by unnecessary borrowing.”
Icebreaker partnerships did not make any profit despite investing in artists from unknowns to world famous stars like Sinead O’Connor, the judge found.
Subject: Re: Gary Barlow and Take That stars face paying back more than £20m in tax
Written By: Philip Eno on 05/12/14 at 4:27 am
British Prime Minister David Cameron rejects calls for Gary Barlow to hand back his OBE after it emerged he put money into a fund ruled to be a tax-avoidance scheme.
Subject: Re: Gary Barlow and Take That stars face paying back more than £20m in tax
Written By: Paul on 05/12/14 at 5:24 am
Rather strange, considering Mr. Barlow does a fair amount of charitable work, that he 'avoids' paying tax which would (in a roundabout way) would help these charitable causes in the first place!
Personally, I can take or leave the bloke...mostly leave, as his music is nothing more than background noise to me!
Subject: Re: Gary Barlow and Take That stars face paying back more than £20m in tax
Written By: Philip Eno on 05/12/14 at 5:26 am
It only takes a minute to fill out an Income Tax Return.