Take That singers 'invested £26m in scheme to be challenged over tax avoidance'

Members of pop group Take That invested at least £26m in a scheme believed by HMRC to be a method of avoiding tax, it has been claimed.

(From left) Gary Barlow, Howard Donald and Mark Owen of Take That Photo: Reuters

Singers Gary Barlow, Mark Owen and Howard Donald, along with their manager Jonathan Wild, invested money in a music industry investment scheme used by nearly 1,000 wealthy individuals.

Revenue and Customs officials confirmed it believes the partnerships are designed to allow members to avoid tax and said it will be attempting to close the structure at a tribunal later this year.

According to an investigation by the Times newspaper, the singers invested in a partnership run by Icebreaker Management Services.

If HMRC are found to be correct, the company could have to pay back millions of pounds.

A spokesman for HMRC told the Times: “We have taken firm action to protect the Exchequer from unacceptable tax loss. We do not accept that the Icebreak tax avoidance schemes have the tax effects their promoters claim.”