Several members of England's 2005 Ashes-winning cricket team have reportedly been warned that they are facing "very substantial" bills for their involvement in tax avoidance schemes.

According to The Guardian, Her Majesty's Revenue & Customs has issued demands to Michael Vaughan, Paul Collingwood, Matthew Hoggard and Ashley Giles for their involvement in a film investment company, which HMRC claims amounts to tax avoidance.

The report adds that Alec Stewart, Mark Butcher and David Gower are also listed as investors in Ingenious Film Partners, along with the ECB's current managing director Paul Downton.

Gower told the paper: "For me the money involved is not life-threatening, it won't wipe me out. But the principle is just wrong and I want to stand up against it.

"The government wanted to encourage investment in the film industry, there was a genuine element of risk. The films were successful and generated more than £1bn in taxable income and now HMRC is coming back 10 years later saying the schemes weren't valid.

"There was a tax planning element to the scheme, I would be wrong to deny that, you are always looking for ways to make the most of your resources. But efficient tax planning is 100% legal. Now the political outlook has changed, tax avoidance has become unpopular and HMRC is changing the rules retrospectively, which is appalling."

Ingenious insists that they are a properly established film investment organisation, having provided funding to movies including Avatar, Hotel Rwanda and Girl with a Pearl Earring.