A list of celebrities including Gary Barlow and Sir Michael Caine have lost millions of pounds after a landmark court ruling over a tax avoidance scheme for the super-rich.
Singer Katie Melua and TV presenter Anne Robinson were also among those to pile cash into the Liberty scheme.
More than 1,600 public figures, doctors and judges poured around £1.2 billion into the scheme from 2005 until 2009.
The arrangement created a tax loss for investors which they could offset against other income.
A list of celebrities including Gary Barlow (left) and Katie Melua (right) have lost millions of pounds after a landmark court ruling over a tax avoidance scheme for the super-rich.
But the legality of the scheme was challenged in 2014, with contributors now discovering that cash taken by HM Revenue and Customs will not be returned.
According to The Sun, the Upper Tribunal court ruled the scheme allowed the super-rich to create artificial offshore losses, therefore claiming reduced tax bills.
Among the top contributors were George Michael, who handed over £6.2million before his death last year, and Take That singer Barlow, 46, who piled in £4.46million.
Among the top contributors were George Michael, who handed over £6.2million
Actor Sir Michael, 81, is said to have tried to shelter £600,000. In 2009, he threatened to return to America if the top band of income tax reached 51 per cent.
Anne Robinson, who reportedly invested £4million in the scheme after paying £280,000 in fees, spoke in 2002 of how she paid ‘vast taxes’.
Four members of the Brit Award-winning Arctic Monkeys – Alex Turner, 28, Jamie Cook, 29, Nick O’Malley, 29, and Matt Helders, 28.
Each paid between £38,000 and £84,000 in fees to shelter between £557,000 and £1.1million in Liberty.
Liberty is one of many legal tax-avoidance loopholes to have been exposed in recent years.
Every year about £3 billion is lost through legal avoidance schemes.
Barlow, 43, later apologised for using an avoidance scheme and said he would settle his tax affairs, while Miss Melua, 30, repaid what she owed.
Actor Sir Michael, 81, is said to have tried to shelter £600,000. Anne Robinson, who reportedly invested £4million in the scheme, spoke in 2002 of how she paid ‘vast taxes’