London: British multi-millionaires including footballer David Beckham, actor Sir Michael Caine, and singer George Michael are among thousan-ds of wealthy individuals in the UK, who have now been named in a government-backed crackdown on tax avoidance schemes.
New laws expected this week, will affect nearly 33,000 rich individuals who will inevitably face tax notices and may have to pay upfront even if they plan to appeal their cases with Britain’s HM Revenue and Customs.
Beckham and the numerous others are accused of using “controversial charity schemes” which allow them to reduce the tax they pay. British newspapers have reported that the entire tax avoidance scandal is worth £1.2bn
The tax-avoidance ‘Liberty’ scheme works when wealthy individuals invest money into a project that’s bound to fail, and their losses are then offset by earnings.
The scheme is legal but it is under investigation for possible loopholes.
The celebrities named in the leaked list are already facing a backlash. Singer Katie Melua, who once boasted of giving half of her earnings away in taxes is under a boycott.
