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Cameron Says Comedian Jimmy Carr Is Immoral for Avoiding Tax

U.K. Prime Minister David Cameron described comedian Jimmy Carr as immoral after he was reported to be sheltering more than 3 million pounds ($4.7 million) in income a year from tax.

The Times newspaper reported yesterday that Carr used a tax-avoidance plan named K2, based on the Channel Island of Jersey, to avoid paying tax on the bulk of his income. The newspaper today named Gary Barlow, a singer with the band Take That who was awarded an honor by Queen Elizabeth II last week, as among those using a different mechanism to avoid tax.

The prime minister, speaking in Mexico following the Group of 20 summit, said he hadn’t had time to study the allegations against Barlow, who campaigned for his Conservatives during the 2010 election. Cameron’s office had earlier today defended giving Barlow an honor on the grounds of the work he did for the queen’s Diamond Jubilee this month.

“Some of these schemes where people are parking huge amounts of money offshore and taking loans back to just minimize their tax rate, it is just not morally acceptable,” Cameron told ITV News. “Think of all those people who work hard, who pay their taxes, and out of their post-tax income save up to see Jimmy Carr. He’s taking that money and stuffing it into something where he doesn’t have to pay tax on it. That is not fair. That is not right. It isn’t morally right to do that.”

Carr’s management didn’t respond to a call and an e-mail requesting comment. Barlow’s record company didn’t reply to a phone call seeking comment.

To contact the reporter on this story: Robert Hutton in London at rhutton1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.

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Key Rates

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Today’s national average mortgage rates. Rates may include points.
Type Today 1 Mo
30 Year Fixed Jumbo 4.05% 3.92%
30 Year Fixed 3.75% 3.47%
15 Year Fixed 2.89% 2.71%
10 Year Fixed 2.98% 3.00%
30 Year Fixed Refi 3.74% 3.46%
15 Year Fixed Refi 2.89% 2.69%
5/1 ARM 2.66% 2.61%
5/1 ARM Refi 2.64% 2.57%
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Source: Bankrate.com

Today’s average home equity rates nationwide.
Type Today 1 Mo
$30K HELOC 5.34% 5.24%
$50K HELOC 4.56% 4.53%
$75K HELOC 4.57% 4.53%
$100K HELOC 4.27% 4.21%
$30K Home Equity Loan 5.95% 6.06%
$50K Home Equity Loan 5.97% 6.02%
$75K Home Equity Loan 5.94% 5.99%
$100K Home Equity Loan 5.80% 5.84%
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Source: Bankrate.com

Today’s average savings rates nationwide.
Type Today 1 Mo
5 Year CD 1.24% 1.21%
2 Year CD 0.70% 0.66%
1 Year CD 0.57% 0.52%
MMA $10K+ 0.47% 0.50%
MMA $50K+ 0.69% 0.70%
MMA Savings Jumbo 0.58% 0.60%
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Source: Bankrate.com

Today’s average auto loan rates nationwide.
Type Today 1 Mo
60 Months Used Car 2.97% 3.19%
48 Months Used Car 2.92% 3.13%
36 Months Used Car 2.88% 2.96%
72 Months New Car 2.45% 2.96%
60 Months New Car 2.54% 2.67%
48 Months New Car 2.45% 2.58%
60 Months Auto Refi 4.15% 4.36%
36 Months Auto Refi 3.60% 3.76%
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Source: Bankrate.com

Today’s average credit card rates nationwide.
Type Today 1 Mo
Standard Variable 14.12% 14.12%
Standard Fixed 13.23% 13.23%
Gold Variable 12.70% 12.70%
Gold Fixed 11.99% 11.99%
Platinum Variable 15.53% 15.57%
Platinum Fixed 12.70% 12.70%
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Source: Bankrate.com