All four band members of Arctic Monkeys are amongst other public figures who invested money in a tax strategy – this is according to a secret database leaked by The Times. George Michael, Katie Melua and Gary Barlow also feature on this list.
The Times reported that a total of £1.2 billion has been sheltered by the scheme by 1,600 different people. The newspaper labelled the Liberty tax strategy as “one of Britain’s most aggressive tax avoidance schemes.”
Liberty enables clients to pay a fee in order to dodge larger tax payments – the money was hidden in offshore accounts, meaning the government was unable to seek income tax on them.
Arctic Monkeys members Alex Turner, Jamie Cook, Nick O’Malley and Matt Helders are accused of “[paying] between £38,000 and £84,000 in fees to shelter between £557,000 and £1.1 million.”
The band has so far refused to comment.