Arctic Monkeys among celebrities using tax avoidance scheme

According to a report by The Times, 1,200 wealthy Brits have managed to shelter about £1.2 billion through a tax avoidance scheme.

The company, Liberty, which at one point was legal, is currently under investigation by HM Revenue and Customs over its manipulation of the British tax code through a process of creating false offshore losses. The HMRC will be challenging the scheme n court in March 2015.

The amount that Arctic Monkeys members Alex Turner, Jamie Cook, Nick O'Malley and Matt Helders allegedly sheltered ranges between £557,000 and £1.1m. This amount pales in comparison to some of their co-investors, including George Michael (£6.2 m), Gary Barlow (£4.46m), Anne Robinson (£4m) and Michael Caine (£600,000).

No word on whether any of these celebrities or the other investors in Liberty will have to pay back the tax they sheltered.

Arctic Monkeys play Marlay Park this Saturday, July 12.