By Jeremy Armstrong From Manchester Evening News

288 wealthy investors who put money in the Cayman Islands will now have to cough up

Coronation Street actor Bill Roache is set to get a massive bill after investing in a £500m tax avoidance scheme in the Cayman Islands.

The Ken Barlow actor is among 288 wealthy investors who entered the scheme and put in, on average, £1.75m.

Now, the Mirror reports , a court has ruled that the scheme was a ‘tax avoidance arrangement’ – and the rich investors will have to cough up.

It is a fresh blow for Roache, whose daughter Vanya, 50, died last month.

She died from liver failure and the soap veteran, who plays Ken Barlow, was on compassionate leave from Corrie.

It is unknown how much Roache, 85, invested in Twofold First Services LLP, owned by a company in the Caymans.

Bill Roache’s daughter Vanya, who died from liver failure

Papers seen by The Mirror, show in March 2012 Roache joined the scheme which involved claiming tax relief from the artificial losses of a land-owning business.

The complex arrangement meant investors could use the paper loss to reduce their income tax.

Bill Roache is one of soap’s highest-paid actors

A tribunal ruled in favour of the HMRC which successfully argue Twofold was “a tax avoidance arrangement”.

It was branded “abusive and ­artificial” by the Treasury. The case in London ruled out the prospect of further appeals.

Roache, Corrie’s longest-running stars, is believed to be among its highest earners on a reported £200,000 a year.

Sir Bradley Wiggins, five-time Olympic cycling champion and first Briton to win the Tour de France, was also an investor in Twofold.

He joined the scheme in March 2012 but later resigned from it. At the time he said: “I had a small investment in Twofold, following guidance from my professional advisers.

Sir Bradley Wiggins also invested in the scheme – but later resigned from it
“I had, however, claimed no tax relief of any amount in regard to this investment. Given the concerns raised about it, I have instructed my advisers to withdraw me from the scheme with immediate effect.”

The HMRC win paves the way for it to demand millions of pounds in tax and launch cases against other investors in similar schemes.

The agent for Roache, who also lost an 18-month-old daughter in 1983, declined to comment on the Twofold scheme.

‘Ken and Deidre’ on their wedding day in 1981 (Image: ITV)
A spokesman for HMRC said: “Our role is to collect the tax due under the law. We must follow the ­legislation in concluding the right amount to tax.

“We are committed to working positively to discuss affordable payment arrangements with anyone facing payment difficulties. We have an outstanding track record for supporting those facing difficulty.

“Anyone who anticipates problems paying their tax bill should contact us.”

For more on this story go to: https://www.manchestereveningnews.co.uk/news/greater-manchester-news/coronation-street-bill-roache-daughter-14485021