The Upper Tier Tribunal (UTT) sitting on HMRC v Murray International Holdings (MIH) has ordered HMRC’s demand for unpaid tax to be reduced substantially. Claims Sir David Murray Employee Benefit Trust should be taxed were dismissed, but the UTT was not prepared to endorse that guaranteed bonus payments paid to Rangers players should not be taxed.
During the First Tier Tribunal MIH acknowledged tax should have been paid on EBTs given to a further five players, who were removed from the judgement (although the tax was never paid). Lord Nimmo Smith’s SPL Inquiry found Rangers guilty of not disclosing side-letters given to players which contractually bound EBT payments and arrangements. The Inquiry issued Oldco Rangers with a fine of £250,000. Newco Rangers agreed to pay all of Oldco’s football debts as a price to gain entry to the SFA and league structure. It is anticipated this fine will be collected in the event the club reaches top flight football.
Rangers did not dispute they operated an illegal Discount Options Scheme, which was uncovered by Craig Whyte’s investigators, when he carried out due diligence before buying the club from Sir David Murray. Tax due on this scheme was never paid.
Once in control, Whyte continued to operate the club’s tax arrangements in similar ethical standards. He failed to pay VAT, PAYE or National Insurance. Several hundred other creditors were left in the lurch as the club was liquidated.
At its heart, this is a morality tale. The first lesson which should be drawn is that it is far better to disclose your tax arrangements to the authorities than to hide them. When Celtic employed Juninho, who had an earlier EBT, they disclosed this fact and subsequent transactions to HMRC (Celtic never issued rule-breaking side-letters either).
Perhaps the most important lesson is not to allow debt to get out of control. Armed with the Discount Options Scheme and tax not paid on contractually guaranteed bonuses, HMRC were legally bound to pursue the club for money the tax payer was due – and will almost certainly never be paid.
Once that train was in motion, the club was at the mercy of its bank. MIH held substantial commercial property assets at this time, when the UK commercial property market took an average 45% nosedive. Then the bank itself (HBOS) was sold, exposing legacy arrangements to full commercial scrutiny.
Even then, even then, Rangers could have used the bonus of Champions League income to either rapidly pay-down their bank debt, or retain as a hedge against the consequences of the on-going tax dispute. Instead Walter Smith returned to the transfer market, spending what he could to keep his nose in front of Celtic.
This was an arrogant and fatal mistake.
When Whyte put his £1 on the table there was nothing the Independent Board Committee could do to dissuade Sir David from selling, but by then all the cards had been played, an insolvency event was on the horizon unless someone coughed up £18m to repay the overdraft, and no one was prepared to do this.
In the unedifying final days the club was reduced to turning, cap in hand, to lifelong adversaries to ask for rule changes which never arrived.
Despite all of this, humility among this lot is scarcer than a fully paid up tax receipt.
It took dozens of people working to promote Rangers on-field activities to kill the club. Those who failed to disclose side-letters, those who allowed debt to get out of control, those who sat on boards which endorsed Smith’s spending knowing the potential consequences, those who campaigned against the people who disclosed Whyte’s background, were all necessary for this outcome. Their reputations are now co-dependent
Celtic fans, HMRC nor the SFA killed Rangers. None of them* knew about the Discount Options Scheme, the undisclosed side-letters, the unpaid VAT, PAYE or NI bills. None of them decided to spend more than was prudently possible.
Killing Rangers was an inside job. The biggest rivalry in football is gone; we won, by an avalanche of own goals.
*apart from SFA president Campbell Ogilvie, who knew exactly what was going on.
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BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS @ 03:12
petec @ 03:27
– I guess I asked for that. Posting while chatting not a good idea. When you try to chase two rabbits at the same time, you’ll not catch either one.
MORRISSEY THE 23RD
Where have you been hiding,bud?
Stranger that you are,depriving us of your idle chit-chat and good humour.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS @ 03:44
Thanks! I’m a kind of all or nothing person and keeping up with every CQN post along with everywhere else online was/is too much. Currently spending too much time on Twitter and being online in general.
I will dip in and out of here whenever I can. Especially when everyone is playing nice.
Haha,playing nice?
Been nice knowing ya,bud. See ya after the referendum when we’re all Celts again.
Auldheid,
Heres how its going to go in in future, yes I’m serious.
We are going to ask the Plc to resource and respond to our concerns.
Our amateur attempts to provide evidence identifying irregularities concerning qualification for multimillion pound competitions are not our responsibility, that remains with the Plc who have paid indemnities for such services.
We have identified areas we consider need investigation and our next meeting will require the executive representative to provide a response to our questions and concerns.
Please refrain from casting aspersions as to your interpretation of what is required.
We need the PLC take their responsibilities seriously and address the issues in a professional manner. We are required to report to our supporters of the developments imposed or otherwise, that conformity is a sad slave.
BobM, wee Alfredo was seen to be doing cartwheels right down Duke street and three hundred yards beyond the Louden when he heard I’d bought back into the Celtic dream.
The poor guy disnay realise yet that young acgr wont be with me.
He’ll be holidaying at the Red Lion next year instead of his usual haunts, Young acgr was the difference between Brechin for a holiday or Barbados.
HH ma bhoy, he’ll be sorely missed by me.
Goodnight Celtic men and wummin.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
03:16 on 11 July, 2014
Witty little article on aggressive tax avoidance.
http://www.theguardian.com/lifeandstyle/lostinshowbiz/2014/jul/10/arctic-monkeys-rock-stars-tax-avoidance
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Not bad, I always love anyone who lands on 3:16 and not because of Stone Cold. ;)
I think we have all watched the WWF at some point in our lives.
IMO, all of the things happening now, are happening because the Societal Engineers want them to happen at this moment in Time.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I’d love to know if this AMAZING track, that I have on CD’s was the original video from back in 1996. This is sounding like it is real because Bill Cooper done his Mystery Babylon series in the early 90s and that included an interview with Jordan Maxwell, the guy that speaks at the start of the video, Bill called him out later on.
Anyway, I hope you enjoy the above Canamalar, you are so right about getting TV’s out of peoples lives. Keep up the Good Fight, even though you may be wrong sometimes, I bet I’m wrong more times.
Morrissey the 23rd
03:37 on 11 July, 2014
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS @ 03:12
petec @ 03:27
– I guess I asked for that. Posting while chatting not a good idea. When you try to chase two rabbits at the same time, you’ll not catch either one.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Try to stay as stress free as possible m8ty, getting mair difficult, I know. You should try the QWOP challenge I posted earlier. 10 Metres you have to beat.
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS @ 03:50
Oh I wont let someones politics have that much of an effect on me. Even the right-wing Tories in here.
I’ve yet to hear a decent argument for NO. I also doubt enough people with vote for independence, and I doubt whatever happens that my life will be much better under either. I’ve more important things in my life to worry about. TBH.
I must be one of the few plc; panty wetting; GB; happy clapping; middle-grounder; malcontents in the world.
Bet you a pound
petec @ 04:00
Cheers!
I’m going to go to the land of nod.
I know CQNers have been missing my Moz posts. So….
A stream of Morrissey’s “World Peace Is None of Your Business” LP for those OUTSIDE the US:
http://mexicoindie.net/2014/07/stream-morrissey-world-peace-is-none-of-your-business/
You can buy it here:
http://www.amazon.co.uk/World-Peace-None-Your-Business/dp/B00KAMX1KY
For those in the US:
http://www.npr.org/2014/07/06/326925957/first-listen-morrissey-world-peace-is-none-of-your-business?autoplay=true
Enjoy!
So I wake up at 3, can’t get back to sleep. Stepped outside for a smoke – forgot that first light in Alba in June is early.
Half past 3 and the sun coming up, clear blue sky, family safe in bed, all is quiet but the birds.
This country can be stunning sometimes. Best time of the day without a doubt. Gettin through work is goin to be interesting tho.
Neil canamalar Lennon hunskelper extrordinaire
04:02 on 11 July, 2014
Bet you a pound
##########
whatabouttery 50p
Jimmy..,
Only sometimes ?
Ya moody bassa
How are things canamalar?
Petec,
Need a thousand backers to call you out, but a pound it is
Petec,
I’m sad as copulation, it breaks my heart that babies are still being abused and the world is ignorant to stupidity
Neil C,
Hey, it’s ma hormones, and ma genes.
And the schemie days hang over me like the occasional cloud.
I’m luckier now, but some urnae.
Anyway, right now a wee blackbird is whistlin to me – am sure it’s The Rocks o Bawn ;)
I’ve never played cards, although the Child in the Family that has done the best monetary wise, he loves Poker. Me, I just don’t get it.
I cannae wait to the new season, got a new idea, I’m sure it will work, LOL.
Jqb,
Tonight its breaking my heart
Last week I couldnt have cared less
Tonight i dont know why bubblin like a wee lassie and glad to be back in touch, sorry
Sorry = thanks for asking
Neil canamalar Lennon hunskelper extrordinaire
04:26 on 11 July, 2014
Petec,
I’m sad as copulation, it breaks my heart that babies are still being abused and the world is ignorant to stupidity
__________________________________________
We are all being abused, of that there is no doubt. When a Family is Wiped out in Palestine because of an Israeli airstrike, What is Really Really going on. You must always look deeper.
The Governments, controlled by higher ups are really playing us all like nothing on Earth.
16 Roads is on to it, there is an entity, that is being enthused by Symbolism from those in the know, even more so by those not in the know, with their Willful acceptance of any old Symbol, believing it is cool.
towerofbabel.csc
Neil C,
Don’t you be bubblin… What happened to the Wrath of Can?
Have only read back a couple of pages, so only gettin an inkling of whats goin on. This will reach a conclusion either way and will, at the very least, expose where the problem lies.
Gird yer loins – you started this, and it will yield results. We might not like whats exposed, but we can use it for longer term good.
Am sure thats orange lillies in the neebors garden.
Time for some preening
Pete..,
Gonnae no?
Don’t please make excuses for the devil, there is nothing deeper than evil and if you have to look for excuses for evil theres a problem. I would rather go blind bhoy
Neil canamalar Lennon hunskelper extrordinaire
04:32 on 11 July, 2014
Jqb,
Tonight its breaking my heart
Last week I couldnt have cared less
Tonight i dont know why bubblin like a wee lassie and glad to be back in touch, sorry
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Mr C
The Loudmouth
and for the dance enthusiasts, here is one of the best ever mixes, IMO, by none other than Mr C…….. the guy from the Shamen, we ALL know what the Shamen were famous for……. Move Any Mountain
canamalar massive thumbsup
Jqb,
It is and accepted, the problem is the baddies are no that bad any more., how bad is that ?
Neil canamalar Lennon hunskelper extrordinaire
04:46 on 11 July, 2014
Pete..,
Gonnae no?
Don’t please make excuses for the devil, there is nothing deeper than evil and if you have to look for excuses for evil theres a problem. I would rather go blind bhoy
:D
Morning CQN from a not so busy Prestwick airport. Lanzarote bound and hoping to catch up with fellow CQN 5s bhoy Jeez_I_thought_blinker_was_pants.
All that training on a Thursday worthwhile, after all.
And the best thing, already caught up with Stella.
HH
CRC
Serial
Celticrollercoaster luvs his luminious lime boots
04:58 on 11 July, 2014
Morning CQN from a not so busy Prestwick airport. Lanzarote bound and hoping to catch up with fellow CQN 5s bhoy Jeez_I_thought_blinker_was_pants.
All that training on a Thursday worthwhile, after all.
And the best thing, already caught up with Stella.
HH
CRC
___________________________________
I hope you and the very Lucky Mrs Stella CRC and the kids have the best ever holiday.
Petec…,
My uncontrolled tears are for the innocent Palistinians including the baby isrealites being dragged into a war they are subscribed too. Honest tears and its no funny
The bevvy might be contributory but then again i’ve no bubbled since this sentence was started so naw, its mye right enough
PeteC
Just to confirm it’s a 3some. Me, Mrs CRC and Stella :-)
HH
CRC
I remember all we wee babies used to have a laugh at other babies with speech impediments, my were we evil, my personal favourites were rolling yer arse and lisps, hours and hours of imitations of fun, I refuse to apologise for this
Neil canamalar Lennon hunskelper extrordinaire
05:15 on 11 July, 2014
Petec…,
My uncontrolled tears are for the innocent Palistinians including the baby isrealites being dragged into a war they are subscribed too. Honest tears and its no funny
_____________________________________________________
I love the fact that macjay1 is so on your side about Israel, the whole question. I dislike the fact that Kojo has had his wings clipped about chipping in a comment. TSD, he just runs amok, strangely, from what I can gather, he has never commented much about Israel.
I Believe that the Bible (God’s Word) is coming alive…… the distracting things are All the entertainments. That New Testament is very Personal, when it is just you and Yeshua jibbering away tae ye as ye listen to the Sound of Silence.
Great to read Ronny Delia’s interview in the Mail…
• He’d like to get Kris Commons on a new deal. If we want to get better in Europe I’m not sure where KC would fit into the team as his lack of pace exposes him a bit at that level. However, he could definitely still do a job as an impact sub, he’s a great player at SPFL level and he and his wife are a credit to the club with all the charity work they do…..get him signed up!!
• We are working on new signings with a wide player the priority. We badly need a new winger in my opinion….delighted to hear we are looking at filling this gap in the team
•Liam Henderson is his type of player and he has high hopes for him. Everyone you hear speak about Liam Henderson as great things to say about him. He seems to be the real deal……he reminds me quite a bit of Stephen Gerrard to be honest. Absolutely love the idea of a having him and James Forrest in the same team in the next few seasons. Two excellent home grown players with lots and lots of potential. Hopefully JF can get over these niggly injuries that are affecting him!!