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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4094
Experience:  FCCA FCMA CGMA ACIS
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I have been recommended to put assets into a Minerva Trust

Customer Question

I have been recommended to put assets into a Minerva Trust based in Belize although the Trust income goes to a UK personal management compANY CONTROLLED BY ME AS AGENT FOR THE TRUST. It has been said that there are 15000 of these trusts created over the last 20 years and none have been required to pay any tax at all. What is your opinion?
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
Hers is an opinion I have found for you from the Accounting Web:
'Under UK law, an Umbrella Remuneration Trust (URT) allows businesses to provide incentives for its suppliers, customers or creditors and claim relief against corporation tax/income tax as an allowable expense.
Using legal strategies successfully implemented for more than two decades, the business can fund incentives plan, using statutory protection, to a tax free, trust-based environment.
An interesting by product of the URT is that there is no liability to corporation tax, income tax, capital gains tax or NI, on any of the trust contributions.
Any UK resident can use the trust, sole traders, Ltd company, LLP, partnerships'
You can find a whole gamut of opinions here:
http://www.accountingweb.co.uk/anyanswers/minerva-trust
The Trust appears to be a pretty massive organisations covering many countries.
I do hope I have pointed you in a direction that may enable you to set your mind at rest.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
Customer: replied 2 years ago.

Thanks

Expert:  bigduckontax replied 2 years ago.
Delighted to have been of assistance.