30-01-2013, 21:38
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#1
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Remoaner
Cable Forum Mod
Join Date: Mar 2004
Posts: 33,025
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Another Tax Avoidance scam uncovered
http://www.thetimes.co.uk/tto/money/...cle3673519.ece (paywall)
Quote:
One of Britain’s biggest charities is a front for tax avoidance, The Times can reveal.
Wealthy donors used the Cup Trust to avoid £46 million in tax in an extensive abuse of Gift Aid incentives designed to encourage charitable donations.
The registered charity raised £176 million between 2010 and 2011. In 2010 it attracted more donations than the Royal Society for the Protection of Birds, the British Heart Foundation or the Salvation Army.
But instead of using the money for its stated objective, to “improve the lives of young children and adults”, it carried out trades that artificially generated Gift Aid for donors to reduce their tax bills. Investors who “donated” £1 million to the Cup Trust, for example, would receive most of their money back — but still be entitled to claim Gift Aid worth between £250,000 and £375,000.
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Unbelievable. The people who took advantage of this scam should be prosecuted.
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