Adele Repays $3.5 Million In U.K. Taxes
Adele has paid back $3.5 million (£2.5 million) to the U.K. taxman after she mistakenly gave herself too much money.
The Hello singer reportedly received $10 million (£7 million) from her firm Melted Stone Ltd, which she is sole director of, although she should have collected less than $6.4 million (£4.5 million) due to strict rules on companies.
Her error was found by accountants and she paid back $3.5 million to Britain's tax authority, Her Majesty's Revenue and Customs (HMRC), to resolve the issue.
“This is embarrassing," a source tells Britain's The Sun newspaper. "Adele likes to portray herself as a woman of the people so an incident like this which brings attention to her massive wealth isn’t good.”
Adele's spokesman clarifies, “All relevant disclosures have been made in the company accounts. As clearly stated within the report, the position has been resolved.”
The 25-year-old also has the Melted Stone Publishing firm, which she received $6 million (£4.25 million) from, according to the report.
Adele was named Britain's richest female musician in the 2016 Sunday Times Rich List, with an estimated $120 million (£85 million) fortune earlier this year, and is reportedly close to signing a lucrative record deal with Sony Music. The contract is said to be worth $128 million (£90 million), which would make it the most expensive deal ever awarded to a British artist.
“We have secured the biggest music star in a generation. This is massive," a source told the newspaper in May. “Adele’s deal with her original label XL expired and we’d an existing relationship with her in America...
“The deal is being worked on by our Columbia label in the US, but is worth £90 million and gives Sony the rights to release her future music exclusively around the world.”