Saturday, January 28, 2023

Tax-blunder blamed for Rangers downfall

Scottish PremiershipRangersTax-blunder blamed for Rangers downfall
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Rangers FC’s collapse has been blamed on a multi-million pounds blunder by the HMRC.

The taxman claimed the club’s operating company – before getting liquidated – owed around £70m for using rather controversial offshore trusts known as EBTs to pay players and staff.

That tax bill was a major part of the liquidation of Rangers.

But now up to £50m could be wiped off the tax bill after HMRC admitted over-estimating the debts and penalties, according to The Times.

Speaking to The Times, he said: “At the time of the sale of the club in 2011 had the tax claim been at the level now being reported then, in my opinion, the outcome would have been different.

“I believe there would certainly have been a much higher level of interest in acquiring it and therefore more potential buyers.”

An HMRC spokesman said: “We don’t comment on identifiable businesses. HMRC has always been clear that disguised remuneration is a form of tax avoidance.”

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