Bill Roache, the Coronation Street actor who has portrayed Ken Barlow on the ITV soap since 1960, was recently spotted at the Post Office in Alderley Edge, Cheshire. Despite earning a reported £250,000 a year from his role, Roache found himself in financial trouble due to a tax debt of over £500,000. He had invested in a Cayman Islands tax avoidance scheme, leading to the accumulation of this debt. Roache was granted an extension of 12 weeks by the High Court to sell a property in order to pay off the remaining balance. The amount owed was not disclosed in court, but previous reports indicated a £546,000 tax bill.
In 2018, it was revealed that Roache had invested in a £500 million scheme called Twofold First Services LLP, based in the Cayman Islands. He was one of 288 investors in the scheme, and the tribunal ruled in favor of HMRC, stating that the investment was a tax avoidance arrangement that was considered abusive and artificial. As a result, Roache faced a significant tax bill, prompting HMRC to file a petition for bankruptcy to recover the unpaid tax. Despite his financial difficulties, Roache remains under contract with Coronation Street and is a beloved member of the cast.
During the coronavirus lockdown, Roache sought to generate additional income by selling personalized videos to fans through services like Celebrity Video Messages and Cameo. Initially charging £35 per video, he later raised the price to £51. Despite his financial woes, Roache expressed his desire to continue working and has no plans to retire anytime soon. He acknowledged the privilege of being able to work for an organization that values his contributions and expressed gratitude for the opportunity to continue portraying Ken Barlow on Coronation Street.
Roache’s case was adjourned for 12 weeks to allow him time to settle the remaining balance of his tax debt. While his financial situation remains challenging, the actor has shown resilience and determination to work through the difficulties. His decision to sell personalized videos to fans during the lockdown reflects his resourcefulness and willingness to adapt to changing circumstances. Despite facing a significant tax bill and a potential bankruptcy petition, Roache remains committed to his work on Coronation Street and appreciates the support of his fans and colleagues.
The actor’s financial troubles serve as a reminder of the risks associated with tax avoidance schemes and the importance of engaging with tax authorities to resolve outstanding debts. Roache’s experience highlights the consequences of such investments and the challenges individuals may face when dealing with tax liabilities. Despite the complexities of his situation, Roache’s dedication to his work and his fans demonstrates his professionalism and commitment to his craft. As he navigates through this challenging time, Roache’s resilience and determination serve as an inspiration to others facing financial difficulties.
