Arctic Monkeys accused in £1.2 billion U.K. tax scheme

July 10, 2014 by Matt Crane

Arctic Monkeys accused in £1.2 billion U.K. tax scheme

According to the Times Of London, all four members of Arctic Monkeys—Alex Turner, Jamie Cook, Nick O'Malley, and Matt Helders—have been named on a list of about 1,600 British citizens, who were sheltering a combined £1.2 billion (about $2 billion) in what the Times calls an "aggressive tax avoidance scheme," which is also known as the “Liberty tax strategy."

The band members were included on the list alongside the likes of actor Sir Michael Caine, singer Katie Melua and ’80s singer/songwriter George Michael. According to NME, the band “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 also reported that George Michael tired to shelter “£6.2m in record and tour sales.”

No word yet what consequences they may face. The information was leaked to the Times from a “secret database.” The band, who are headlining Reading festival this summer, have yet to comment publicly.

Watch Arctic Monkeys’ latest video for “Snap Out Of It," which is taken from their fifth full-length, AM.

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