Celebrities including Angus Deayton and David Baddiel have claimed six-figure sums in tax relief after donating shares of questionable value to charities.

HM Revenue & Customs (HMRC) has launched an investigation into this type of tax scheme and has searched the offices of a top accountancy firm.

The scheme involves buying and then “giving” shares in tiny companies to charities to receive tax rebates from the Exchequer. The donors typically make far more than the charities. This is legal but HMRC is investigating whether share prices were manipulated to boost their value before transfer to charity.

Several celebrities used the scheme to make money from the flotation of Poly Information, a tiny Israeli voice-recognition firm with an annual turnover of just £121,000. Deayton bought 10m shares in the firm for 1p each, which cost £100,000. The shares quadrupled in value on flotation and, three days later, Deayton transferred 9m shares to the Islington Angel Charitable Trust, which he established.

Deayton qualified for a tax rebate of up to £144,000. The shares, which the charity still owns, slumped and are now worth just 0.47p each — £42,300 in total. He has repeated the process with several other firms.

Baddiel also bought 10m shares in the firm, which were transferred to a charitable trust of which he is a trustee, bringing him a rebate of about £160,000.

Dave Hartnett, the director-general of HMRC, said: “We take any abuse of the gift aid system very seriously and will come down hard on any fraudulent abuse of gift aid on shares or tax avoidance. Schemes that target the charity sector are particularly offensive.”

A spokesman for Baddiel said: “Like many entertainers, Baddiel’s tax affairs are looked at closely by the Revenue. It has made inquiries into his gifts to the Chairman Charitable Trust and the value of shares transferred by him has been agreed.”

Deayton’s spokesman said: “The charitable trust established by our client has benefited considerably from the gifts made by him. In excess of £100,000 has been distributed to a large range of charitable organisations.”

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