Gary Barlow And Two Take That Bandmates Hit By £20 Million Bill After ‘Paying Into Tax Avoidance Scheme'
Gary And Band Mates Face £20 Million Bill After Paying Into Tax Avoidance Scheme
The Huffington Post UK
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Gary Barlow and his Take That bandmates Mark Owen and Howard Donald are facing huge bills after it has been revealed that they paid into a tax avoidance scheme, according to reports.
The trio and the band’s manager all reportedly invested in a £66 million Icebreaker Management partnership, which was billed as a music-industry investment scheme.
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Gary Barlow
However, a court ruling on 9 May 2014 decided that the partnership was actually a tax avoidance scheme for the ‘ultra-rich’.
The Take That singers are among over 1000 people who have invested in the scheme and according to estimates from The Times, the band members will now have to pay around £20 million in tax bills.
The Times reports that Judge Colin Bishop told the court that “Icebreaker is, and was known and understood by all concerned to be, a tax avoidance scheme.”
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Jason Orange was not involved in the scheme
“The aim was to secure [tax] relief for members, and to inflate the scale of the relief by unnecessary borrowing,” he explained. “No serious or even moderately sophisticated investor, genuinely seeking a profit... would rationally have chosen an Icebreaker partnership.”
Take That lead singer Gary Barlow at the Smash Hits Awards in London, where they won seven categories, including Best Group and Best Single Video.
(02 of11)
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Take That perform on stage at the Brit Awards. L-R; Jason Orange, Gary Barlow, Howard Donald.
(03 of11)
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Gary Barlow London, July 1999 Pic Credit: WENN/ Paul Doyle
(04 of11)
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Gary Barlow Take That performing at the NEC Birmingham Birmingham, England - 26.04.06 Credit: (Mandatory): Danny Clifford/Hottwire.net/WENN.com
(05 of11)
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Gary Barlow signs copies of his book 'My Take' at Waterstones London, England - 09.10.06 Credit: Lia Toby / WENN
(06 of11)
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Gary Barlow and Ronan Keating perform a duet together of the song 'Harvest For The World' on stage at the Concert of Hope in aid of the Diana Princess of Wales Memorial Fund.
(07 of11)
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Take That Performing live at a special showcase for their fans to launch their debut album "Take That & Party" The Hippodrome London Credit: (Mandatory): George Chin / WENN.com
(08 of11)
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Jason Orange, Mark Owen, Gary Barlow and Howard Donald of Take That pose at a signing session for their new Album 'Beautiful World' at HMV on November 27, 2006 in London, England. (Photo by Jo Hale/Getty Images)
(09 of11)
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Jason Orange, Gary Barlow, Mark Owen and Howard Donald of Take That performing in concert at the O2 Arena in Greenwich, London. *** Local Caption *** Jason Orange;Howard Donald;Gary Barlow;Mark Owen
(10 of11)
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Pop group Take That backstage. (l-r) Robbie Williams, Howard Donald, Mark Owen, Jason Orange and Gary Barlow
(11 of11)
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Singers Gary Barlow and Cheryl Cole perform on stage during the Diamond Jubilee concert at Buckingham Palace on June 4, 2012 in London, England. For only the second time in its history the UK celebrates the Diamond Jubilee of a monarch. Her Majesty Queen Elizabeth II celebrates the 60th anniversary of her ascension to the throne. Thousands of well-wishers from around the world have flocked to London to witness the spectacle of the weekend's celebrations. (Photo by Dan Kitwood/Getty Images)