Following the closure of the controversial Icebreaker Partnerships tax avoidance scheme and the uncovering of Take That’s participation, more household names have been revealed to have been involved.
TV presenter Gabby Logan and former Olympic hurdler Colin Jackson have admitted investing in the scheme, the former posting a statement on her website denying any intent to avoid tax.
“I was advised about a business opportunity 6 years ago (2008) and I invested in good faith. It was explained to me as a way of funding new acts in the music industry. Because of information which came to light in 2012, I decided the investment was not right for me. With new professional help and advisors, I have for some time been working to resolve the issue and I fully intend to pay any tax which should have been paid, had I not entered the business.
“I have been completely open and honest with HMRC and I have never hidden anything.”
The Icebreaker Partnerships were designed to reduce a participant’s tax liabilities by recording huge artificial losses, which could then be offset against tax. However the scheme was ruled illegal earlier this month by a Tax Tribunal. Judge Colin Bishopp said:
“The underlying, and fundamental, conclusion we have reached is that the Icebreaker scheme is, and was known and understood by all concerned to be, a tax avoidance scheme.”
Jackson defended his involvement in the scheme, claiming the losses were legitimate. He told the BBC:
“If it means you have to take a hit then I’ll happily take a hit. People have invested in me in the past to help me get to the top of my game. I’ll still invest in people to help them get to the top of their game.”
Photo by Andrew Butitta