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The Chief Secretary to the Treasury tells Victoria that HMRC is looking at closing down a tax avoidance scheme which allows wealthy people to pay just 1% income tax. The K2 scheme works by transferring salaries into a Jersey-based trust, which lends individuals back their money. As the loan can technically be recalled, it is not subject to income tax. It's estimated that individual tax avoidance costs the UK economy 4 and a half billion pounds a year.