A host of Premier League stars could allegedly face financial ruin after ploughing their money into a tax avoidance scheme.
According to The Mirror, 129 players including a former Manchester United household name invested £250m into the Kingsbridge scheme and could now be hit with massive bills from HMRC.
The report states that the taxman is aiming to recoup 70% of this figure plus interest through repayment bills and fines.
The Kingsbridge scheme offered tax relief on money invested into the film industry to take advantage of the tax breaks the Labour government introduced for British movie makers between 2000 and 2004.
However, it has been alleged that the financial advisors continued to recommend the schemes to footballers and celebrities after the tax breaks were scrapped.
"Footballers have been demonised over years for investments into tax avoidance schemes," Stuart Cotton, founder of Investor Rescue Organisation - a group founded to help investors in crisis - is quoted as saying.
"The truth is most were not privy to how the arrangements work. The result of investing in such schemes is beyond comprehension at times."
Former Liverpool, Aston Villa and Blackburn Rovers players are also said to have invested in the Kingsbridge scheme.
Mark Langshaw
