Cheryl faces huge bill over ‘tax avoidance scheme’ as she loses legal battle
msn.comCheryl could fork out a hefty bill after being accused of using a tax avoidance scheme. The Girls Aloud singer’s company, CC Entertainments, is said to have paid capital gains tax instead of income tax and national insurance which come with higher rates.
It’s reported that Cheryl, 38, recently lost an ongoing legal battle, with a judge concluding that her personal firm was culpable of ‘straightforward profit extraction’ using an artificial employee bonus scheme.
Judge Jennifer Dean noted according to The Sun: ‘The appeal of CC Entertainments is a straightforward “profit extraction” case where the single 100% shareholder [Tweedy] signed a contract of employment and was awarded a Growth Securities Ownership Plan said to qualify as an employment-related security. ’ Responding to the court’s decision, a HM Revenue & Customs spokesman said: ‘We welcome this ruling which confirms these were tax avoidance schemes.
We are committed to ensuring that everyone pays the right tax at the right time to help fund our vital public services. ’HMRC can now ask her to repay the tax, including compound interest, but not fines or penalties.
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