London: Manchester United stars Wayne Rooney and Ryan Giggs, West Ham united manager Sam Allardyce and golfer Rory Mcllroy may reportedly need to hand over a fortune in taxes if a multi-million pound property scheme they had poured money in is found to be a tax scam.
The afore-mentioned big sports names are among other sports personalities being investigated by Her Majesty`s Revenue and Customs (HMRC) over their huge investments into Waverton Property LLP (Limited Liability Partnership).
According to the Daily Star, the scheme`s assets are listed at around 75 million pounds, from a total of 145 million pounds raised to convert a Birmingham warehouse into a data centre.
The report mentioned that Waverton, which offers its high-profile investors huge tax incentives, is among a number of property schemes under investigation and the investors including Rooney, Giggs, Allardyce and McIlroy would immediately get back more than they put in.
The report mentioned that a cash injection of 50,000 pounds earns 51,407-pound tax relief but the average investment is well over 600,000 pounds.
Once properties are renovated, the LLP must make them available to rent for at least seven years or face losing the initial tax relief, the report added