BOOM OR BUST

How stars are lured into bankruptcy by schemes

- Alan Smith

GARETH FARRELLY was in the early stages of recovery from an aneurysm that almost killed him when the taxman arrived at his door.

The former Aston Villa, Everton and Bolton midfielder owed almost £50,000 relating to a film investment scheme and had no idea.

For Farrelly it began a journey to becoming a solicitor who now works with UEFA and the Premier League.

But it is also a cautionary tale for footballers who continue to get caught up in investment plots that few understand.

Gary Lineker, David Beckham, Steven Gerrard and Wayne Rooney were also investors in film schemes, which were set up to aid the failing British industry in the 1990s.

When HMRC were given retrospective power to call in tax reliefs more than a decade ago, however, Farrelly says that "over 400 players had liabilities in excess of a billion pounds."