Anthony Mehigan and Matthew Jenner firm NT Advisors (whose intials stand for “No Tax”) have been named as the masterminds of The Cup Trust charity, which raised £176.5 million over two years but donated just £55,000. Despite giving just 8p to unnamed good causes out of every £100 raised, the Cup Trust has asked HM Revenue and Customs for £46million in Gift Aid which will be paid by the tax payer.
MP Margaret Hodge, chairman of the Public Accounts Committee has criticised the charity:
“Of all the tax avoidance schemes I have come across, this is perhaps the worst. The Charity Commission certainly has questions to answer about how such flagrant abuse was allowed to occur.” Hodge said.
However the Charity Commission showed its impotence as after a two-year probe of the Cup Trust’s activities found no evidence of malpractice.
This is why people are losing faith in charities:
£55k – The amount given to good causes by the Cup Trust between 2009 and 2011
£176.5m – The income of the Cup Trust between 2009 and 2011
£46m – The amonut of Gift Aid claimed by the charity
See the accounts here.