Three members of Take That
have invested £26 million in a scheme allegedly designed to avoid tax, it has been reported.
, Mark Owen
and Howard Donald
, along with their manager Jonathan Wild
, are reportedly among 1,000 wealthy figures who have invested around £480 million in a scheme, described as a "tax shelter
The scheme, which is overseen by a firm called Icebreaker Management Services, is currently being investigated by Her Majesty's Revenue & Customs (HMRC), who have told The Times that they are actively looking to close the scheme down.
HMRC have set up a hearing to evaluate the scheme at a legal tribunal in November and, if successful, all those involved in the scheme could potentially be forced to pay back millions of pounds in tax.
There is no suggestion that Barlow, Owen and Donald have done anything illegal, with their lawyers telling The Times that they are convinced that the investments were legitimate enterprises and not tax avoidance schemes, and said that they all pay "significant tax
It was also reported that neither Robbie Williams
nor Jason Orange
are involved in the investments in any way.
Thanks for the report to Nme.com