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.

Read More On This Artist

Take That Merchandise
More News
Two more Led Zeppelin albums to be remastered and reissued
Lady Gaga and Tony Bennett release duet ahead of new collaboration album
Timbaland confirms work on new 'game changer' single with Missy Elliott
Beck walks with his past self and the Grim Reaper in video for 'Heart Is A Drum'
Mitch Winehouse to release new Amy Winehouse charity album
Metallica's Lars Ulrich tips AC/DC for next year's Glastonbury
Blink-182's Tom Delonge selling setlist from band's first ever gig
Damon Albarn: 'New Blur album may just be one of those records that never comes out'
BBC Radio 1 deny claims that La Roux was excluded from playlist for being 'too old'
Confusion surrounds Lil Wayne's involvement with Real Madrid footballer Cristiano Ronaldo
One Direction's Zayn Malik gets death threats after #FreePalestine tweet
Michelle Shocked releases silent album with tracks named after digital music executives
Further Ted Nugent casino performances cancelled over 'racist' comments
The Co-op staff complain as supermarket switches to only playing music by unsigned artists
Muse say 'heavy' new album will be released next summer
Lady Gaga appears as waitress in new 'Sin City' trailer – watch
Foo Fighters announce September live date at London's Olympic Park
Former Lostprophets member on Ian Watkins abuse: 'How could you know? How would you know?'
Pussy Riot to sue Russian government over imprisonment
Billy Bragg campaign successfully sees prisoners allowed steel-string guitars
Elbow frontman Guy Garvey discusses solo project
Paul McCartney to re-release Wings albums 'Venus and Mars' and 'At The Speed of...

More News


Please login to add your comment.

Featured Videos
Latest Tickets - Booking Now
Know Your NME

NME Store & Framed Prints
Most Read News
Popular This Week
Inside NME.COM
On NME.COM Today