Olympic legend Sir Steve Redgrave could be in hot water with the taxman after a ruling over a controversial “tax avoidance” scheme.
Sir Steve, 58, is among dozens of investors in the Business Premises Renovation Allowance. It allowed local authorities in Scotland to save money on rejuvenating deprived communities.
But it also enabled dozens of people to cut their tax bills. HMRC has won a legal challenge at the Upper Tribunal against Inverclyde Property Renovation LLP and Clackmannanshire Regeneration LLP.
The ruling could see the taxman claw back £2billion from various similar schemes. There is no suggestion five-times Olympic rowing gold medallist Sir Steve is involved in any wrongdoing.
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