129 Premier League Stars Involved In Tax Avoidance Scheme, Face £250m Tax Bill
Some Premier League stars could face financial ruin after ploughing their money into a tax averting scheme.
A total of about 129 Premier League players including a former Manchester United household name invested £250m into the Kingsbridge scheme & could now be hit with gigantic bills from the HMRC, The Mirror reports.
The taxman is aiming to recoup 70 percent of this figure plus interest through repayment bills and fines.
The Kingsbridge scheme provided tax relief on money invested into the film industry to take advantage of the tax breaks the Labour government introduced for British movie makers between 2000 and 2004.
However, it has been claimed that the financial advisors continued to recommend the schemes to footballers and celebs after the tax breaks were scrapped.
“Footballers have been demonised over years for investments into tax avoidance schemes.
“The truth is most were not privy to how the arrangements work. The result of investing in such schemes is beyond comprehension at times,” Stuart Cotton, founder of Investor Rescue Organisation – a group founded to help investors in crisis – is quoted to have said.
Ex Liverpool, Aston Villa and Blackburn Rovers players are also said to be among the Premier League stars culpable in the Kingsbridge scheme.