When the Icebreaker scheme was overruled by the First Tier Tribunal the first thought was that this was just another dubious tax scheme, designed to avoid tax but sold as an investment vehicle. It was pitched as an opportunity to invest in new and upcoming bands and support the creative industries.

This all seemed well above board but the catch was the use of sideways relief to mitigate tax bills. Essentially there was very little tangible investment in actual up and coming acts, but the investors certainly reduced their tax bills. Members of Take That were embroiled in the case, but what was striking was the lack of vitriol from the press.