Magna Limited

How the scheme works

Scheme users sign a ‘contract of employment’ and a ‘commercial loan agreement’ withML, a company based in the Isle of Man. A UK umbrella company, either Imagine Umbrella Limited, Total Payment Solutions Limited or Penguin Umbrella Limited (the ‘UK Umbrella Company’), then enters into an Agreement for Administrative Services withML. The UK umbrella companies then contract the scheme user’s services to an end client, sometimes via an intermediary/agency. The end client pays the intermediary/agency for the scheme user’s services, who in turn pay the UK umbrella company. The UK umbrella company payMLwho then pay a salary at the minimum rate permitted under the National Minimum Wage Act 1998, to the scheme users with Income Tax and National Insurance contributions (NICs) deducted.MLalso make a second payment to the scheme users, described as a loan and made pursuant to the loan agreement, without deductions of Income Tax andNICs.

Directors

• Mr James Gunn
• Mr James McAllister
• Mr Ross Plowman
• Mr David Morley
• Mr David Smith

Addresses

• ML: 2nd Floor, Bubble at Clinch’s, Lord Street, Douglas, Isle of Man, IM1 4LN /IUL(in liquidation) (former address): Piccadilly Business Centre, Unit C Aldow Enterprise Park, Manchester, M12 6AE /TPSL: International House, 307 Cotton Exchange, Old Hall Street, Liverpool, L3 9LQ /PUL: International House, 22 to 28 Wood Street, Doncaster, DN1 3LW

Connected companies

• Imagine Umbrella Limited (IUL) (in liquidation)
• Total Payment Solutions Limited (TPSL)
• Penguin Umbrella Limited (PUL)