Two more tax avoidance promoters named by HMRC

HM Revenue and Customs has named two offshore companies as being promoters of a tax avoidance scheme in the UK.

The two Belize companies – Minerva Services Ltd and Buckingham Wealth Ltd – were promoting and marketing a tax avoidance scheme known as the Umbrella Remuneration Trust (URT).

The scheme used complex, offshore, financial arrangements so that Income Tax and NI contributions were not correctly paid, with the trust receiving contributions from the scheme users, UK companies and self-employed people who claimed the contribution as a deductible Corporation Tax or Income Tax expense.

Mary Aiston, HMRC’s Director of Counter Avoidance, said, “These cynically marketed tax avoidance schemes don’t work in the way the promoters claim and users can end up with big tax bills.

“Over the last year we have published the details of 33 tax avoidance schemes and exposed the unscrupulous promoters behind them. HMRC has also published details of 11 Stop Notices issued to promoters, and is consulting on adding a criminal sanction for promoters who breach those notices.

“We will continue to take strong action against those who promote and market tax avoidance schemes and remain committed to supporting taxpayers to steer clear of or exit tax avoidance.”

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