This looks like what has become known as a 'Jimmy Carr' arrangement. HMRC is targeting schemes such as this that involve a number of complex steps to achieve what is effectively a tax-free income where tax would normally be paid.
Where HMRC deems schemes to be tax avoidance, then there are likely to be penalties plus the repayment of tax. Where it deems schemes to be tax evasion, then the consequences could be much worse.
I would suggest you leave this type of arrangement well alone.