The Cornerstone hitmakers were recently named in a list of celebrities, including George Michael and Sir Michael Caine, who allegedly invested in a variety of business schemes that exploit loopholes in the system to help their backers avoid paying hefty tax bills.
Steadman calls the practice "quite disgusting" and adds to BBC Radio 5 Live, "I'm also aware of how quickly you can change as a person, not that it forgives you. I'd be lying if I said I'd be like this my whole life, because I'm sure the Arctic Monkeys when they were young boys in Sheffield and you asked them this question (about tax avoidance) they would say, 'Absolutely not, this is horrific'. But the things that have happened to them and what they'd been thrown into has definitely had a huge effect on them."
He also vows to never participate in such a scheme, adding, "I live in this country and I use services like the Nhs (National Health Service) and these services need money from people to use them so I'll always pay my taxes."