June 20, 2012 16:14

Take That members 'invest £26 million in scheme designed to avoid paying tax'

Gary Barlow, Mark Owen and Howard Donald are reportedly among 1,000 people involved in a £480 million 'tax shelter'

Take That members 'invest £26 million in scheme designed to avoid paying tax'

Photo: PA

Three members of Take That have invested £26 million in a scheme allegedly designed to avoid tax, it has been reported.

Gary Barlow, 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.

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