Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

George Michael and Michael Caine named in £1.2bn tax avoidance scheme

George Michael and Michael Caine named in £1.2bn tax avoidance scheme

George Michael, Sir Michael Caine and Gary Barlow have been named among 1,600 people who tried to shield £1.2 billion in Liberty, an aggressive tax avoidance scheme.

The list of investors in Liberty, which has been leaked to the Times, includes businessmen, doctors, QCs and a loan shark convicted of rape, the paper reports.

Singer Katie Melua put £850,000 into the scheme in 2008 and two years later was nominated for Christian Aid's Tax Superhero award after saying she paid nearly half her income in tax. The paper reports that she has since paid the tax due on the sheltered money.

Liberty was a legal scheme, which generated huge offshore losses which could be written off against investors' income tax bills. HMRC's legal challenge went to court in March and is set to go to tribunal but new Treasury powers have enabled the government to claw back money.

This clampdown has also seen film investment schemes come under fire with David Beckham among those caught in an Ingenious Media scheme. The company this warned investors that they could face tax liabilities.

Celebrities pumped money into the Liberty scheme, with Gary Barlow investing £4.46 million, Anne Robinson £4 million and George Michael £6.2 million. Michael Caine tried to shelter £600,000.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter