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Lorraine Kelly worth more than £3.8m after tax tribunal judge agreed she was a 'theatrical artist'

Lorraine Kelly has boosted her net worth to more than £3.8million after a tax tribunal judge agreed she was a 'theatrical artist' performing a version of herself.

The Glasgow-born breakfast TV host, 61, has company accounts showing she has earned a small fortune from her successful television career. 

Last year alone the ITV presenter's production firm, Albatel, made a profit of more than £400,000 and has total assets exceeding £4million. 

That included £2,725,108 held in a bank account, more than £1million owed by debtors and an investment portfolio worth almost £235,000.

After paying off creditors, the company had a net worth of £3,842,112 - up £60,812 on the previous year.

The value of the company has shot up by more than £1 million over the last four years.

In 2019, Lorraine overturned a £1.2million tax bill after a court ruled that the television presenter was 'self employed' while working for ITV.

A judge agreed with her description that she was a freelance 'theatrical artist' who was portraying a version of herself on her 'Lorraine' and 'Daybreak' shows each day. 

Glasgow-born breakfast TV host Lorraine Kelly, 61, has company accounts showing she has earned a small fortune from her successful television career

HM Revenue & Customs had presented her with the bill in 2016 for her work on the channel after claiming that she was effectively employed by the broadcaster despite having been paid through Albatel, thereby avoiding income tax and national insurance contributions under the PAYE system.

Kelly, then 59, locked horns with the tax authorities over claims that the company through which she provides her services to broadcasters is just a front.

In 2016, HMRC presented her with an income tax bill for almost £900,000, plus national insurance contributions of over £300,000.

In 2016 she locked horns with tax authorities over £1.2m claims the company through which she provides her services to broadcasters is just a front. Pictured: Kelly with her daughter Rosie and husband Steve in 2014

Ruling at the first-tier tax tribunal, Judge Jennifer Dean said that Lorraine (above) had created her own 'persona' and 'brand' during a freelance career since 1992

Ruling at the first-tier tax tribunal, Judge Jennifer Dean said that Lorraine had created her own 'persona' and 'brand' during a freelance career since 1992.

Lorraine told Judge Dean she was 'baffled' by HMRC's claim tax and national insurance should have been deducted from her income under the PAYE system.

Describing herself as a 'theatrical artist', she told the tax tribunal that she 'acted every day as a version of herself'.

Working for numerous broadcasters, she picks her own work - once even turning down Elton John for an early hours interview that didn't meet her schedule.  

The dispute hinged on a contract the Scottish star signed with ITV Breakfast in 2012 to present the 'Daybreak' and 'Lorraine' shows.

The court battle revealed ITV made payments totalling more than £3.1 million to Lorraine's Albatel company between 2012 and 2015.

The former journalist sold her £825,000 seven-bedroom home in Broughty Ferry, Dundee (above), in 2018

Glasgow-born Lorraine and her husband set up the firm in 1992 shortly after they were married.

The annual accounts cover the period up to December 31, 2020. They show that the company paid more than £82,000 in corporation tax last year.

As well as her TV work, Lorraine, who presents her self-titled morning chat show on ITV, has published books on dieting and fitness and makes personal appearances.

The former journalist sold her seven-bedroom home in Broughty Ferry, Dundee, in 2018 and moved to the south of England with her husband to be nearer work.

Lorraine joined TV-am as Scotland correspondent in 1984 covering huge stories including Lockerbie and Piper Alpha. 

She became a main presenter on GMTV before landing her own show.

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