Advisers accused of 'knowing perfectly well' Icebreaker was tax dodge

Icebreaker was a tax avoidance scheme that created tax losses out of nothing for wealthy people - including celebrities from pop music group Take That - which the government said could have cost the taxpayer £120m. Members of the scheme - which was devised by Caroline Hamilton - claimed to be active partners trading in the creative industries, selling, for example, the rights to a song or an idea for a book. They claimed tax relief on greater losses than they invested in the partnerships. The return on the partners' ‘investment' was the tax relief, which was considerably larger than t...