Music is a fleeting business and the money can dry up as fast as it is earned but there is increasing concern over the tax avoidance schemes and legal loopholes being used by stars accountants to avoid paying tax.The latest musicians to be named in leaks are all four members of the Arctic Monekys, Katie Melua, George Michael, Michael Caine as well as sports types and the usual glut of bankers.
The so called Liberty tax strategy was revealed in the Times
Investors in the Liberty tax strategy revealed today (July 9) by The Times reported that the indie faves are reported to have each paid between £38,000 and £84,000 in fees to Liberty to protect £557,000 to £1.1m between 2005 and 2009.
It’s not a new thing and musicians have been protecting their assets/fiddling their tax/looking after their money with legal loopholes while they can since the beginning of music history- should we expect any different? In the here today and gone tomorrow world of rock n roll can anyone blame bands for trying to hold onto what they have got?
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