Lil Wayne ‘owes $12m in taxes’ claim reports

Rapper believed to owe over £7 million to IRS

Lil Wayne reportedly owes over $12m (£7.1m) in taxes.

The US rapper reportedly owes the huge sum after failing to pay taxes for 2011 and 2012, according to TMZ. It is suggested that Wayne owes $5.8m (£3.4m) for 2011 and $6.3m (£3.7) for 2012.

The reports follow a period in 2008-2209 in which it was claimed Lil Wayne owed the IRS $7m (£4.1m), a debt he is believed to have cleared in 2012. In 2013 it was reported that the 31 year-old rapper made $16m (£9.6m) in the previous 12 months, making him the seventh highest earning hip-hop artist of that year.

Meanwhile, it was recently revealed that Lil Wayne will release ‘Tha Carter V’ in May. The news was issued by Drake in February when he brought the rapper onstage at a show at the House Of Blues venue. The Canadian star then told the crowd the fifth instalment in his labelmate’s ‘Carter’ album series would be released on May 15.

Recently, Young Money’s Vice President of Promotion Mel Smith told a college newspaper that the label was “very close to dropping the album” but wouldn’t unveil the date of its release at the time as Lil Wayne wanted to “surprise people”.

Lil Wayne’s last album in the ‘Carter’ series, ‘Tha Carter IV’, was released in 2011 and charted at Number Eight in the Official UK Albums Chart. He was recently confirmed to feature on the forthcoming Young Money compilation, alongside Drake, Nicki Minaj and Christina Milian.