Coronation Street legend Bill Roache has been given just three months to clear his debts to HMRC, a court has heard.
On Monday morning (March 11), at a 33-second court hearing, his eye-watering debt was reduced due to payments made. But the 91-year-old is hoping the sale of his home will cover pay off the rest of his staggering bill, according to Jacquille Jarrett, representing HMRC.
His case has been adjourned for another 12 weeks, until June 10, for the settlement of the remaining balance. The amount now owed was not revealed in court but last month it was reported that he owed £546,000 in tax.
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The Ken Barlow star, who continues to hold the world record for the longest-serving TV actor in a continuous role, did not appear in court this morning. It is understood that Bill, who first landed the ITV role in 1960, earns approximately £250,000 a year and makes him one of the highest paid cast member on set.
(Image: Will Roache, Will Roache Photography Ltd.)
In 2018, the Mirror reported how the star faced the staggering bill after investing in a £500million tax avoidance scheme. It was unknown how much he had invested in Twofold First Services LLP, owned by a firm overseas in the Cayman Islands.
He was one of the 288 investors who joined the scheme and invested on average £1.75million into the business. Papers showed he joined the scheme back in March 2012.
The complex scheme involved claiming tax relief from the artificial losses of a land-owning business. This meant investors could use the paper loss to reduce their income tax across the year.
(Image: ITV/REX/Shutterstock)
It didn’t take long before the scheme was discovered by HMRC. A tribunal later ruling in their favour, successfully arguing Twofold was a “tax avoidance arrangement.”
The Treasury went on to brand the business “abusive and artificial. A HMRC spokesperson told the Mirror how they filed for a petition for bankruptcy back in January with the court set to obtain a bankruptcy order.
They said: “We might have an outstanding tax debt, if someone refused to engage with us and pay the tax that is due, then as a last resort we will issue a bankruptcy action. That is to recover the tax they owe but, as I say, it is the sort of thing we do as a last resort.”
(Image: Ken McKay/ITV/REX/Shutterstock)
A Coronation Street spokesperson later added: “We’re really sorry to hear of Bill’s financial situation. He has an ongoing contract with Coronation Street and remains a much-loved member of the cast.”
During lockdown, Bill decided to bring in some extra cash by selling videos to fans online. He decided to sign up to Celebrity Video Messages, a service where fans can pay a fee to certain big names and receiver a personalised message from their idol.
The actor charged £35 per video which he would send off within four to seven working days. He also signed up to Cameo, where he continues to sell personalised videos.
(Image: ITV)
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Bill has since upped the price on the site as he now charged £51 to film a clip for his loyal legion of fans. Despite his money troubles, Bill previously shut down retirement claims.
He told viewers in an ITV documentary on his 90th birthday: “People will say, ‘When are you retiring? Are you going to take a break?’ But then what happens? Whilst I can do it, and whilst they will have me, I have no intention of retiring.
“I am so fortunate to work for an organisation that is happy to have me.”
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Source: Celebrities - dailystar.co.uk
