George Michael attempted to shelter £6.2 million in tax avoidance scheme
Openly gay singer George Michael has been accused of attempting to shelter millions of pounds using a tax avoidance scheme.
According to the Times, the 51-year-old paid over £400,000 to use the Liberty tax strategy to shelter £6.2 million. The scheme, run by Leeds-based Mercury Tax Group, generates artificial offshore losses, enabling those involved to avoid paying tax.
Michael’s publicist has, since the report came out this morning, said the singer’s “busy schedule” has meant he is unable to comment on the scheme.
According to the newspaper, Michael in 1996 said he would “feel enormously unhappy about paying 50% tax to another Tory government,” adding: “I’d pay 50 or even 60% to a Labour government. I think Labour are going to introduce a special George Michael tax.”
Also involved in the scheme were veteran actor Sir Michael Caine, singer Katie Melua, members of the Arctic Monkeys, QCs, and doctors.
The Times reports that a secret database containing the names and amounts was leaked.