Colin Jackson tax avoidance: Olympic hurdler is involved in same scheme as Gary Barlow
The sportsman defends himself against new tax avoidance claims
Thursday 15 May 2014
Colin Jackson has been named as one of the high-profile names involved in a tax avoidance scheme called Icebreaker.
The Olympic hurdler and BBC broadcaster was one of 23 members of a company called Sparkdale LLP that invested in Icebreaker partnerships – which were billed as music industry investments.
However, last week Judge Colin Bishopp said that the company was in fact “known and understood by all concerned to be a tax avoidance scheme".
Sparkdale claimed losses of £9,399,878 from its investment in Icebreaker, which could be then used by members to offset their tax liabilities.
Jackson has defended his involvement in the scheme.
“The law of the land had stated that you can write those losses off on personal tax if you lose. If you gain, you have to pay the tax,” he told the BBC.
"They've now rethought it, reissued it and said those schemes won't exist anymore, which is absolutely fine because that certainly won't stop me from investing into young people who need the help."
Three members of Take That, including Gary Barlow, were also found to be using Icebreaker and are expected to repay millions owed.
"If it means you have to take a hit then I'll happily take a hit,” continued Jackson.
“People have invested in me in the past to help me get to the top of my game.
“I'll still invest in people to help them get to the top of their game.”
Cumulatively, 50 partnerships with hundreds of members were investing in the Icebreaker scheme.
David Cameron has criticised tax avoidance initiatives, but rejected calls for Barlow to have his OBE revoked.
- 1 Green village to be bulldozed and mined for lignite in Germany's quest for non-nuclear fuel
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Teenagers irritable because early school hours mess with their biological clocks
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Isis could become 'world’s first truly terrorist state' and bomb UK with nuclear and chemical weapons, Theresa May warns
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
£28, 700: Whiskey Whiskey Tango: Property Management Company is seeking a brig...
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£40000 - £45000 per annum: Ashdown Group: HR Manager / Training Manager (L&D /...
£40000 - £45000 per annum + Benefits: Ashdown Group: HR Manager - Edgware, Lon...