What Jimmy Carr's tax muddle may mean for IFAs

Many advisers say Jimmy Carr had it coming – especially after he tried to blame his IFA for a week of bad press. The comedian was forced to apologise after it emerged he, and hundreds of other high-profile individuals, diverted most of his earnings into K2, a Jersey-based trust which repaid the money as a loan, mitigating their tax bills to little more than 1%. “I met with a financial adviser and he said to me ‘Do you want to pay less tax? It’s totally legal.’ I said ‘Yes’,” Carr said. “I now realize I’ve made a terrible error of judgment.” Whether his error was simply being caught...