The First Tier Tribunal not only delivered a verdict on Rangers tax case, they also nailed the issue facing an SPL Commission on the non-registration of player earnings. Certain HMRC assessments were upheld and some declined, as we expected. The findings:
Some payments were taxable and liable to NIC
Some payments were loans to players and “remain recoverable and represent debts on their estates”
Non-registration of side-letters [with the SFA and SPL]was incompatible with both authorities’ policing and disciplinary powers
The appeal “reduced substantially” the tax demand but upheld that “that advances in favour of certain players are taxable and liable to NIC”. So HMRC can look to recover much of the EBT outgoing from recipients, whereas the tax and NIC elements will perish with the liquidated company.
I didn’t expect the FTT to report on the non-registration of side letters but they were categorical on this:
“Side-letters, of course, had not been registered with the football authorities, the SFA and SPL. The spirit of their rules was that the whole contract terms should be registered. Suspiciously, no evidence was led as to who decided that the benefits in terms of the side-letters should not be registered. Non-registration of side-letters was incompatible with both authorities’ policing and disciplinary powers. For example any fines imposed on players would customarily reflect the disclosed wage. Non- disclosure would thwart the authorities’ powers.”
The report is anonymised and no indication is given as to which elements of the demand were upheld, which were denied, or the quantum of the demand.
Orders are now open for the very first CQN Annual, get it here!
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Masterclass from Barca, just shows what happened when you try and play an expansive game against them.
Neil’s tactics 100% vindicated, makes our 2 performances against them look unbelievably good.
We were rank outsiders in this group, to think we are now practically guaranteed a Europa Cup spot with 2 games left to play is incredible. Regardless of the fact they are qualified, I can’t see Barca losing at the Nou Camp. Even if we lose tonight I reckon if we beat Spartak in last game we will make last 16.
Mr.Z
Is Aiden playing?
Kojo
Silver city
Thats a question for westminster but with an independence referendum coming up it complicates matter.
HH
You’ve got to laugh now murray has advised lawyers to perhaps re address the investigations into their cheatings ways
So we need a score draw
If I was a bhun I’d be sick as a puggie…….. If I was the recipient of a ‘loan’ I’d be sick as a puggie ….
…..if the tax case hadn’t been hanging over them, they might have survived ….LLLLOOOOLLLL …….. I do stress ” might have” …….. Looking forward to seeing the ‘names’ ……sally will be able to help there …… hahahahahahahahahahahahaha
Kojo
No, he is injured. It’s rather serious injury.
PFAyr-Correct sir,HH.
Giovanni di Stefano @DEVILSADVOKAT: “I will be writing an open letter to BDO/DP and Court of Sessions seeking as a shareholder of RFC PLC a revocation of admin/liquidation.” Seems like it was! An interesting twist from the Italian businessman who failed in an attempt to buy Dundee Football Club
I think HMRC have played an absolute blinder here. Rangers obviously thought they were in the wrong and decided to dump all the debt by liquidating therefore preventing any claim by HMRC, in essence giving them the two fingers. HMRC realise there is no point in finding rangers guilty as they won’t receive a dime therefore find the receipients of the loans guilty and make them repay tax due, HMRC still get a large portion of their money, which leaves the eternal question of “what if Murray hadn’t sold to Craigy boy?, our history would still be intact”, in essence HMRC giving rangers the fingers right back at them. Personally had rangers still been in existence I think we would have seen a different outcome today.
Mr.Z
Thanks fur the Reply.
Did Ah evah tell ye ..
That ..
You are Somethin’ Else?
Well.. Ah am tellin’ ye noo..
Yer jist a Cupboard Full o’…
Up tae the Minute News fae the Eastern Front!
Bhoy.. ur we Lucky ..that We hiv goat an Eastern Correspondent like YOU.
Kojo
Barca win will ease the pressure a bit on Celtic. Let’s hope Victor does not get a booking to-night, we need him in the final match against Spartak, unless of course we do the business in Lisbon to-night.
Will Charlie now try to pursue the beneficiaries of the EBTs by calling in the loans?
The Bhoys have nothing to lose tonight , hope we have a right good go.
Hallmarks of freemasonic sleekitness. After an enquiry, the findings are never comprehensivley concluded, they merely lead to more questions. More deflections, obfuscating and blatant covertion
comprehensively.
kayal
If Charlie does he’ll need the money to compensate other Scottish teams who lost out on European and other money because the huns didnt register players properly.
Wont be as easy to concede the flanks tonight. Unlike Barcelona, Benfica will play with a natural centre forward and crosses into the box will be dangerous. I’m looking forward to see how Neil sets the team up. He has really developed tactically but tonight will be a severe test.
@rangerstaxcase
FTT result worded to downplay impact of illegally avoiding millions in tax (plus interest). Reality: RFC proven to have cheated.
The 1 thing that puzzles me is Mark Daly had proof that loans would never have to be repaid so why was this not taken into consideration.
Obviously much mileage in this yet but, for now, you can’t deny all the predictions by RTC, CQNers (me included), Paul McConville, Phil, etc. have been wrong. The expectation was Rangers would be hit with a minimum 60-70 million tax bill (and maybe over 100 million) and as of today they owe nothing to HMRC.
The players are almost all now retired or elsewhere so again not a problem for Oldco or Sevco. From Green’s perspective, Let HMRC chase the players, he has no responsibility for their contracts with Oldco. The players can’t go after Sevco for dodgy contract-advice – again nothing to do with Green.
If there were investors sitting on the sidelines waiting to see if Sevco was going to be held liable for this then they will be a bit more bullish.
We have partied hard on their cheating for 10 months or so, I think we can expect a lot of gloating in the coming days.
Sunburst
17:50 on 20 November, 2012
All it will take is one ex-employee to produce a side letter/second contract stating that the loans were never meant to be repaid and the dominoes will begin to tumble…
Kojo
Thank you.
So a player – let’s call him Mr Orange – is asked to repay his loan.
Mr Orange pulls out a letter from his former employers stating that he will never have to pay the money back.
What happens next?
HMRC lost and every Scot should be shocked and saddened that their judiciary system is so corrupt. Not one of these 10 year old loans has been paid or was intended to be paid. Yet two eminent Scottish judges ruled in favour of this being a legitimate loan system. ABSOLUTE CORRUPTION. The fourth estate protecting itself and dumping on their former idols. Why else would Amoruso, Goram and Novo be allowed to pay back fines with minimum instalments if they never already what was happening.
Bad news for timdon.
The fourth estate of the hook. Dont forget it.
HH
And Goram goes back to 1996
HH
DeniaBhoy
18:07 on 20 November, 2012
Hard to disagree with you at this point. I look forward to some detailed independent analysis of the report to understand the real implications.
You know guys. Second half in Moscow might be very important 45 minutes.
Russian oligarch accept defeats, sometimes, some of them. One thing they don’t accept is humiliation.
The worst scenario is Fedun fires Unai Emeri and Valery Karpin is back to the coach post. I would not like him to go with this team to Glasgow.
We wull WIN..the Night.
“So it is Wroton. So it Wull Be.”
Yul Brynner?
Na..
Wee Hughie.. fae the Gallagate!
Kojo
Still Laughin’
DeniaBhoy
Newco were never going to be responsible for oldco debts, he still has
a pig in a poke to sell
Benfica manager refused to answer questions in English at his press conference. Said stories about his players slagging Celtic were made up.
Surprised CSC
Screen 73
Our back four are very strong when defending corner kicks and high crosses into the box, a huge improvement on recent years and of course then there is Fraser “THE WALL” at the top of his game. he seems at his best when he plenty of work to do. Come on the HOOPS
deniabhoy
oldco still owes hmrc 10+ million, for unpaid vat and wee tax case, runs to about 13 or 14 million, not insignificant, or due to be repaid any time soon
Aww naw 100% spot on matey.
cos oldco has no cash and will be liquidated
Gordon J That is exactly the point I have been trying to make. Charlie is owed nothing in theory all this money is owed to OldCo and legally it is the Liquidators job to collect it. Obviously none of the players will pay it back but the likes of Ticketus will ensure that the Liquidator attempts to get it back. If he does try the stories will then start to emerge.
Awe naw
Who gives a feck what Green thinks, says or does
He is desperate not to be RFC he’ll have no locus to act in the issue ….