UK Firms Caught Promoting Offshore Tax Dodges from Belize
Minerva Services Ltd and Buckingham Wealth Ltd, operating from the same address in Belize’s capital, Belmopan, have been busted pushing a dodgy tax avoidance scheme called the Umbrella Remuneration Trust (URT). The complex offshore setup was designed to dodge paying Income Tax and National Insurance contributions.
How The Scheme Worked
The Trust funneled contributions from UK firms and self-employed workers, who then claimed these payments as tax-deductible expenses. When the money was paid back to users, no tax hit them at all — leaving HMRC’s coffers empty.
HMRC Hits Back
Mary Aiston, HMRC’s Director of Counter Avoidance, slammed the scheme: “These cynically marketed tax avoidance schemes don’t work the way the promoters claim and users can end up with big tax bills.”
“In the past year, we’ve exposed 33 tax avoidance schemes and gone after their ruthless promoters. We’ve also issued 11 Stop Notices warning these firms, with talks underway to add criminal charges for those who ignore them.”
“Our crackdown will keep going. We’re here to help honest taxpayers stay clear of dodgy schemes or get out if they’re already caught up.”
Warning: Switching Schemes Won’t Save You
HMRC uncovered a newsletter from the Belize firms urging URT users to jump ship to a new scam called the Nova Trust. The newsletter falsely claimed switching schemes would end HMRC’s investigations. It won’t. The taxman is still on their tail.
HMRC Urges Taxpayers: Don’t Get Caught Out!
As part of its Don’t Get Caught Out campaign, HMRC warns the fallout from dodgy tax dodges includes extra taxes, penalties, interest, and severe reputational damage.
If you’ve used a scheme from Minerva Services Ltd, Buckingham Wealth Ltd, or others, HMRC urges you to get in touch immediately at [email protected].
