Comedian Jimmy Carr has said he made a "terrible error of judgment" over his tax arrangements.
He spoke out after Prime Minister David Cameron branded his tax dodging "morally wrong".
The comedian released a statement saying: "I appreciate as a comedian, people will expect me to 'make light' of this situation, but I'm not going to in this statement as this is obviously a serious matter.
"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'.
"I now realise I've made a terrible error of judgment.
"Although I've been advised the K2 Tax scheme is entirely legal, and has been fully disclosed to HMRC (Her Majesty's Revenue and Customs), I'm no longer involved in it and will in future conduct my financial affairs much more responsibly. Apologies to everyone."
Mr Cameron, speaking on Wednesday night during a visit to Mexico, joined a chorus of criticism of the comedian, whose tax arrangements were revealed in The Times on Tuesday.
Describing them as "straightforward tax avoidance", the PM said it was unfair on the people who pay to watch the comic perform that he is not paying his taxes in the same way that they do.
Carr is said to have used an aggressive - but legal - tax-avoidance scheme which enables members to pay income tax rates as low as 1%.
The comic, who has famously lampooned fat cat bankers, reportedly protects some £3.3 million a year by channelling cash through Jersey-based company K2. Carr is said to be one of more than 1,000 beneficiaries who shelter some £168 million from the taxman each year using K2. HMRC said the K2 scheme was already under investigation.