Ian McKellen: The Director's Cut

Labour luvvie Sir Ian McKellen is the highest-profile celebrity so far to come out for Ed Miliband.

The Oscar-nominated actor yesterday said he was impressed by the party's manifesto for lesbian, gay and transgender people.

I wonder what he makes of Miliband's pledge to eradicate tax avoidance?

McKellen, like many artistes, is sole director of his own company, Kirikiri, through which he channels his earnings.

Last year, the company had assets of £8.3 million, boosted by income from reprising his role as the wizard Gandalf the Grey in the Hobbit film trilogy.

Companies are tax efficient as they are subject to corporation tax of 20 per cent, rather than a top rate of income tax of 45 per cent on annual incomes of more than £150,000. Expenses incurred in the line of duty can be offset against profits.

Last year, McKellen — perfectly legally — took out a loan from his own company of £1.7 million.

One tax expert says: 'In the case of a loan to a director — provided a certain minimum rate of interest specified by HMRC is charged — the borrowing is not liable for tax. Such a measure is perfectly legal, but it allows those who take advantage of the mechanism to delay when they pay tax on income earned through their company — potentially indefinitely.' ...

Your actual gay Uncle Tom - and gay Tory, obvs - Andrew Pierce in his rubbish daily election diary for the Mail.

And here is Labour's LGBT Manifesto.

PS Pink News take on Gandalf's endorsement of Labour's LGBT manifesto attracted some comment on Twitter...

Is Sir Ian McKellen maybe just a tad overdressed for a #GE2015 press conference tho? @pinknews pic.twitter.com/wQEjH6ci8X
— David Wright (@BitGay) April 22, 2015