Jimmy backs down: Carr issues apology over funny money row.

Jimmy Carr

Jimmy Carr has backed down over the aggressive tax avoidance row after Prime Minister David Cameron branded the scheme “completely wrong.”

On Tuesday, Carr reacted angrily after The Times revealed he shelters £3.3 million a year in an aggressive tax avoidance scheme. At a show in Tunbridge Wells, he told the crowd: “I pay what I have to and not a penny more. I’ve not broken the law, I’ve not done anything illegal, but morally, morally…

He added: “Whose fucking moral compass am I? When the Murdochs are questioning your morality, you know you’re in trouble.”

However today Carr took to Twitter to issue an apology for the funny money row that has pursued him all week. This morning he tweeted: “I appreciate as a comedian, people will expect me to ‘make light’ of this situation, but I’m not going to in this statement as this is obviously a serious matter.

“I met with a financial advisor and he said to me ‘Do you want to pay less tax? It’s totally legal.’ I said ‘Yes.’ I now realise I’ve made a terrible error of judgement.

“Although I’ve been advised the K2 Tax scheme is entirely legal, and has been fully disclosed to HMRC (Her Majesty’s Revenue and Customs), I’m no longer involved in it and will in future conduct my financial affairs much more responsibly. Apologies to everyone.”

Several high profile figures have hit out at Carr’s financial activity since it was revealed on Monday he shelters £3.3 million in an off-shore scheme, no more so than the Prime Minister.

However Cameron’s interest in the saga has today come under scrutiny after claims from The Guardian his father made his fortune in legal offshore funds in Panama and Geneva.