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Comedian Jimmy Carr has apologised for his “terrible error of judgement” for his actions in the controversial K2 tax scheme that Prime Minister David Cameron condemned as “morally wrong”.

Carr released a statement saying he was no longer using the legal Jersey-based tax avoidance scheme that allowed him to pay income tax of just one per cent.

Carr took the criticism to heart and replied on Twitter this morning: “I appreciate as a comedian, people will expect me to ‘make light of the situation, but I’m no going to in this statement.”

“I met with a financial advisor and he said to me “Do you want to pay less tax? It’s totally legal.” I said ‘Yes’

Carr ended his final post saying, “I’m no longer involved in it and will in future conduct my financial affairs much more responsibly. Apologies to everyone.” 

The Times newspaper revealed Carr had sheltered £3.3million a year through the scheme before it was returned to him in a non-taxable loan.

His action received harsh criticism due to his lampooning of fat cat bankers in his stand-up routines.

Prime Minister David Cameron particularly singled out Carr for his tax evasions,

However he failed to criticise Gary Barlow, whose tax affairs were also managed by the same firm as Carr's.

Cameron said: "I think some of these schemes – and I think particularly of the Jimmy Carr scheme – I have had time to read about and I just think this is completely wrong."

Photo by Getty

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Jimmy Carr speaks out on Twitter after Cameron accuses him of being 'morally wrong' in tax affairs
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