Bradley Wiggins among investors in £100m 'charity' tax avoidance scheme

Up to 400 invested in the ‘Cup Trust’

Victoria McKeever
clock • 2 min read

Olympic cyclist Sir Bradley Wiggins has been named as an investor in a scheme said to have used a charity as a front to attempt to avoid paying HMRC £100m in tax, according to reports.

Wiggins, who is a five-time Olympic medallist and the first Briton to win the Tour de France, was among up to 400 investors who put money into the ‘Cup Trust', the Times has reported. In 2010, the Cup Trust reported donations of £176m - more than each of the RSPB, British Heart Foundation and the Salvation Army - but gave just £150,000 to charity. The scheme allegedly used the donations to artificially generate gift aid claims that could be used by donors to reduce their tax bill. Had it been successful, the scheme would have reportedly resulted in tax savings of £55m, or an average o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

The right advice for divorcing family business owner clients

The right advice for divorcing family business owner clients

Making it work with proper planning and professional advice

Joanna Toloczko
clock 21 March 2024 • 5 min read
IHT receipts continue to rise as government nets £6.8bn

IHT receipts continue to rise as government nets £6.8bn

Latest figures from HMRC show tax take continues to soar

Jenna Brown
clock 21 March 2024 • 1 min read
Child benefit changes could see higher earners reap pension boost

Child benefit changes could see higher earners reap pension boost

Analysis from Quilter says gains to be made from Spring Budget changes

Jenna Brown
clock 11 March 2024 • 2 min read