The tax scheme that attracted Gary Barlow has a beguiling website, that makes investment look like a cross between cultural sponsorship and social work.
When HMRC first went after Icebreaker (company secretary William Brilliant), Accountancy Age explained the scheme, offering partnerships tailored to each client, thus...
Losses incurred by the partnership can be offset against an investor's income over the previous three years. Investors can augment this tax relief by taking out offshore loans prepared by Icebreaker. As a result, an investment of £40,000 in the company and a loan of £160,000 from it, would generate about £77,520 in tax relief.
Icebreaker says different: "Membership of an Icebreaker LLP may not be suitable for an individual who is, for example, simply seeking a possible means to obtain tax relief."
I have no idea if the bands Icebreaker uses to demonstrate the range of its offers are aware of all this; they include Andrea Corr, JLS, The Fun Lovin' Criminals, Kiss and Sinead O'Connor. Other artists, clearly, were available....
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