British pop star Ed Sheeran has vowed never to sign up for a tax avoidance scheme as he fears he will end up losing his millions.

Several British musicians, including Arctic Monkeys and George Michael, have been caught up in a scandal after they were implicated in a high-profile money-moving scheme last month (Jun14).

Sheeran has an estimated wealth of $8.5 million (£5 million) but he is adamant he has no plans to exploit any loopholes in the system as he fears he will end up paying a huge fine and shooting insurance adverts to make ends meet.

He tells British magazine Event, "I pay my taxes. I legitimately pay everything. I'm straight when it comes to that, absolutely 100 per cent. You hear all these horror stories about people doing schemes and not paying this or that. I don't want to have to do a First Direct advert or something at the beginning of the year to pay my tax."