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The company transfers all its intellectual property to a ‘Cyprus International Trust’. The company then pays the trust for the use of intellectual property. When the owner of the company wants to purchase a sizeable asset, such as a house, the trust buys it for them and lets them use it. For everyday living expenses, the owner of the company draws money from the trust as a loan. It is claimed that the trust is exempt from all tax, and the company and its owners do not have taxable income; however, it isHMRC’s view that the money drawn from the trust and assets purchased, on behalf of the company or its owner, is subject to UK tax.
PaySentry automatically checks your umbrella partners against HMRC named schemes and stop notices, and alerts you to any match.
See Umbrella Watchdog