Corrie Ken’s huge tax bill over €570m offshore scheme
HMRC wins landmark case
CORONATION Street legend Bill Roache is facing a massive bill after investing in a €570million Cayman Islands tax avoidance scheme.
The landmark HMRC victory is a fresh blow for Roache, who is already reeling from the death of his daughter Vanya, 50, last month.
She died from liver failure and the soap veteran, who plays Ken Barlow, is on compassionate leave from Corrie.
It is unknown how much Roache, 85, invested in Twofold First Services LLP, owned by a company in the Caymans.
He is among 288 wealthy investors who entered the scheme and put in, on average, €2million. Papers seen by the Irish Mirror show in March 2012 Roache joined the scheme, which involved claiming tax relief from the artificial losses of a land-owning business.
The complex arrangement meant investors could use the paper loss to reduce their income tax.
A tribunal has ruled in favour of HMRC, which successfully argued Twofold was “a tax avoidance arrangement”. It was branded “abusive and artificial” by the Treasury.
The case in London ruled out the prospect of further appeals.
Roache, Corrie’s longest-serving star, is believed to be among its highest earners on a reported €230,000 a year.
Sir Bradley Wiggins, the five-time Olympic cycling champion and first Briton to win the Tour de France, was also an investor in Twofold.
He joined the scheme in March 2012 but later resigned from it. At the time he said: “I had a small investment in Twofold, following guidance from my professional advisers.
“I had, however, claimed no tax relief of any amount in regard to this investment. Given the concerns raised about it, I have instructed my advisers to withdraw me from the scheme with immediate effect.”
The HMRC win paves the way for it to demand millions in tax and launch cases against other investors in similar schemes.
A representative for Roache, who also lost an 18-month-old daughter in 1983, declined to comment on the scheme. A spokesman for HMRC said: “Our role is to collect the tax due under the law. “We must follow the legislation in concluding the right amount to tax. “We are committed to working positively to discuss Bradley Wiggins affordable payment arrangements with anyone facing payment difficulties. We have an outstanding track record for supporting those facing difficulty.
“Anyone who anticipates problems paying their tax bill should contact us.”