When tax saving becomes too tempting

Imagine this conversation:

Advisor: “We can help you save on taxes.”
Footballer: “That sounds great, but are you sure it’s all legal and above board?”
Advisor: “Don’t worry. Worst case, you just end up paying the tax you owe anyway. So, what’s the risk?”
Footballer: “Well, if you think it’s worth trying, let’s go for it.”

Sounds harmless enough, right? But let’s reframe it:

Advisor: “We can help you save on taxes.”
Footballer: “That sounds great, but is this really legal and above board?”
Advisor: “If it works, you’ll save money. But if it fails, you could end up in the headlines, accused of dodging taxes while everyone else pays their fair share. The stress, the legal costs, the embarrassment, it could be huge. And you’ll also lose whatever you paid to set up the scheme.”

Now, would you still say yes?

Former Liverpool and Spurs player Danny Murphy recently spoke out about how financial advisers treated his generation of players. On TalkSport he said:

“As Premier League players, we weren’t protected by the PFA or the Premier League when IFAs were coming into the clubs and manipulating us, young lads with no idea of money or what to do with it. Now, we’re left with these problems that we can’t handle.”

It’s a sobering reminder. Many advisers back then weren’t looking after the long-term financial well-being of players. They were selling products, often tax schemes, because that’s where the money was, for the adviser.

And here’s the thing: this isn’t just a footballer’s problem.

When your main motivation is to save on tax, there will always be someone ready to sell you a solution. They’ll present it as clever, sophisticated, and exclusive. But too often, the framing is biased because the adviser stands to gain financially from recommending it. If an adviser is restricted in the products they can recommend, their incentives may lean away from what’s best for you.

It’s tempting because it plays to a very human desire: no one wants to pay more tax than they have to. But temptation can cloud judgment.

Would you pay thousands for advice if that advice was: “Do nothing”?
Probably not. But often, doing nothing is exactly the right move.

Many footballers were born with talent, worked hard, stayed fit, and were spotted at the right time. Luck and skill took them to the top. But when it came to financial advice, many weren’t so lucky.

And that’s true for the rest of us too. For decades, “financial advice” has often been about selling products rather than guiding people. It’s not easy to know who you can really trust.

That’s why educating yourself matters. It’s not about becoming an expert, it’s about being involved enough to ask better questions, to spot when advice is self-serving, and to oversee the people you trust with your money.

If you want to dig deeper into how pension rules are changing and how they’ll be taxed on your death, or the coming inheritance tax changes that could make life harder for your executors, those articles are a good place to start.

Because here’s the reality: If you go looking for a clever way to avoid tax, you’ll always find someone who’s willing to sell you one. The question is whether it’s really in your best interest.

Before you take the leap, consider the hidden costs of trusts and other estate vehicles that can look appealing on the surface but create more problems later.

Something to think about: Would you rather boast about saving a few pounds in tax today or sleep soundly knowing you’ll never see your name in the headlines tomorrow?