Take That … giving it back for good?

By Kieran Drew
In July 28, 2016
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48499643 - tax avoidance colorful word on the wooden background

It’s always the people you least expect isn’t it? Who would have thought that the ‘whiter than white’ favourite of the 90s pop bands would ever becaught up in a tax avoidance scandal? Well, perhaps Robbie Williams, as he was always the rogue … but, shockingly, he was one of just two of the original members of the band that were not involved!

This tax avoidance was originally exposed by the media in 2012 and has taken four years to be resolved. The three members of the band involved avoided tax payable of up to £20 million after placing £66 million into an artificial tax shelter – quite a substantial amount (although probably not in their eyes). They decided to pay the £20 million they owed, rather than appeal HMRC’s decision.

Whilst their investments were in tax avoidance, which is legal, HMRC appear to have deemed the ‘Icebreaker’ scheme they used as too aggressive to be permitted. They have taken that stance with all individuals who invested in this scheme.

This just shows how careful we all need to be to ensure we are not too aggressive in our tax planning – a balance we believe we achieve excellently on your behalf.

 

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Redwood Financial Family Wealth & Estate Planners Ltd is Directly Authorised and regulated by the Financial Conduct Authority. FRN number 774469.

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The Financial Conduct Authority do not regulate, Will Writing, Buy to Let Mortgages, Auto-Enrolment, Tax Advice and Estate Planning. Your capital is at risk. Investments can fluctuate in value and investors may not get the amount back they invest. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. https://register.fca.org.uk/

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