Springfords LLP blog

Some news, views and comments about everything and anything, relevant and irreverent.

Tax That & Party

13 May 2014

“Today this could be ... the greatest bill of our lives" or “How did it come to this ...sum?” -  those words may have formed  the first lines of a new lyric penned  over the weekend by Messers Mark Owen, Howard Donald … and The Blessed Gary Barlow, OBE.

These three members of Take That are faced with an enormous tax bill after HMRC won an acrimonious court battle over their investment advisors who advised them to get involved in an aggressive tax avoidance scheme.. 

Just for the record - we’re not their investment advisors.  In fact our Take That advice is currently limited to “try The Circus, it’s is a really underrated album”.

The problem for Gary, Howard and Mark revolves around an investment vehicle created for them by a management company.  In court it’s been ruled an artificial tax haven.  The tabloids called it one for the super-rich and, with a liability of £millions between the three of them, we tend to agree.  Everything changes when you get that sort of bill dropping through your door.  It’s the Revenue’s biggest “hit” of the year.

When it comes to artificial tax havens, HMRC never forget.  Get under the microscope of personal tax investigation, and they’ll be on your back for good.

Springfords is well aware of the chart rundown of such avoidance schemes.  Our clients are always steered well clear of the b-side duffers in the investment album. 

Now the good news.  The boys - sorry - men ...are understood to be planning a world tour to pay off their bill.  We can relight our fires to that. Our only question … how did Jason Orange avoid involvement in this mess? 

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Some news, views and comments about everything and anything, relevant and irreverent.

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