Minerva Services Ltd and Buckingham Wealth Ltd, who share the same official business address in Belmopan, the capital of Belize, 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 National Insurance contributions were not correctly paid.
The Trust received contributions from the scheme users, UK companies and self-employed people who claimed the contribution as a deductible Corporation Tax or Income Tax expense. When the money was transferred back to the user, no taxes were paid.
