26 January 2024 , 12:27
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Coronation Street actor Bill Roache is facing bankruptcy despite taking home £250,000 a year.
The soap star, who has played Ken Barlow since 1960, is believed to be the highest paid cast member as he takes home a huge pay cheque. However, the Mirror has revealed the 91-year-old is facing bankruptcy after HMRC filed a petition against him. In a statement to us, HMRC said: "We take a supportive approach to dealing with customers who have tax debts, and do everything we can to help those who engage with us to get out of debt, such as offering instalment plans.
“We only petition for bankruptcy as a last resort.” A spokesperson for Coronation Street added: "We're really sorry to hear of Bill's financial situation. Bill has an ongoing contract with Coronation Street and remains a much-loved member of the cast." It is the second time Bill has faced bankruptcy.
Bill Roache is facing bankruptcy again (Will Roache, Will Roache Photography Ltd.)
The actor is Coronation Street's highest paid star (PA)Tax avoidance scheme
Back in 2018, the Mirror revealed Bill was facing a huge bill after investing in a £500million Cayman Islands tax avoidance scheme. He had invested in Twofold First Services LLP, owned by a company in the Caymans. It is not known how much Bill had put into the scheme, but he was one of 288 investors who entered the scheme and put in, on average, £1.75million.
Papers showed Bill had joined in March 2012. The complex scheme involved claiming tax relief from the artificial losses of a land-owning business and meant investors could use the paper loss to reduce their income tax. A tribunal ruled in favour of HMRC, which successfully argued Twofold was "a tax avoidance arrangement". It was branded "abusive and artificial" by the Treasury.
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First bankruptcy
The soap actor was declared bankrupt 24 years ago. He successfully sued a newspaper for describing him as “boring” and was awarded £50,000 in damages. However, it was the same amount he had turned down in an out-of-court settlement before the case. It left him liable for £120,000 in costs. Bill sued his law firm for negligence but was declared bankrupt in 1999.
Selling videos
During the coronavirus lockdown, Bill decided to bring in some cash by selling videos to fans. He decided to sign up to Celebrity Video Messages, a service where fans can pay a fee to certain big names and receive a greeting from their idol. Bill was charging £35 for a video, and would send it in four to seven working days.
He has also signed up to Cameo, where he continues to sell personalised videos. Bill has upped his price on the site as he now charges £51 to film a video for fans.
Huge pay cheque
Bill, who is Coronation Street's longest serving star, is believed to be earning £250,000 a year for his role as Ken Barlow and is the highest-paid member of the Corrie cast. Ahead of his 90th birthday, it was reported he'd landed a six figure contract to keep him playing Ken Barlow.
No plans to retire
Despite being 91-years-old, Bill has said he doesn't plan on retiring anytime soon. He is even listed in the Guinness World Records as the longest-serving television star in a continuous role. As he turned 90, he was celebrated with an ITV documentary. In the show, he said: "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."