Interesting angle in today’s Telegraph: “Celtic are the only club in Scotland, apart from Rangers, who are known to have used an EBT contract”. Why are we part of this conversation? Despite the millions of words written on the subject of EBTs over the last six years, there appears to be a curious misunderstanding about them.
Juninho arrived at Celtic with an EBT from earlier in his career. Celtic funded this Trust around the time the player left the club, informed HMRC about the transaction, and paid the tax due. No side letters (contracts) were issued with regard to this Trust. No information was hidden from HMRC or football authorities.
The conversation went a bit like this:
Celtic: Hi HMRC, Celtic here. We’ve paid Mr Juninho’s EBT £Xk. What is our tax position?
HMRC: £Yk tax is due on that payment.
Celtic: Thanks. Will pay today.
EBTs are in themselves not illegal, nor even immoral. They were introduced to allow employers a framework to give loans to employees. Many employers, formally or informally, give loans to employees to cover everything from crises to Christmas expenses. Or migration expenses, which is occasionally the case in football. That some use EBTs to attempt to put income beyond the reach of taxation is a reflection on those clubs, not others who openly declare EBT payments to HMRC and pay any corresponding tax.
The newspaper goes on to offer a defence against HMRC, almost as though it was dictated from David Murray himself: “it is believed that one argument against the supposition that Rangers secured players by means of EVTs (sic.) is that a range of variable inducements were in operation at that time and not only at Ibrox.
“Other avoidance schemes involved investment in such vehicles as film production companies and forestry development.”
Yes, a range of other inducements were available – legal ones. Other people legally used other schemes. It’s clarity of thought like this being a defence of Rangers that which put them into such a mess to begin with.
Delighted to read Rangers Tax Case back with such insight last night. Catch up with him here if you missed it.
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Batsman
So correct, and I remember it well….
Bawsman even
KEVJUNGLE on 2nd December 2015 12:09 pm
i wouldn’t know, and i wouldn’t guess, but i’d doubt very much he’d refer to them in the same way you did
MORAVCIK on 1ST DECEMBER 2015 10:33 PM
Winning Captains
You say plans are in place, we need all CQN to stand together ?
Could you elaborate a bit on this ?
We as a support should have been ‘mobilised’ long before now.
The cheating really has gone on long enough, and has went unchallenged long enough, not just by us the fans, but more importantly by our board and the boards of all other clubs in Scotland.
Enough is enough, the cheats must be stripped off their tainted trophies and punished accordingly.
– See more at: http://www.celticquicknews.co.uk/so-stressed-juninho-film-productions-get-an-airing/comment-page-11/#comments
THE EXILED TIM on 2ND DECEMBER 2015 11:57 AM
JIMTIM
That’s where you went wrong , see if you had said it a thousand times :-)
HH
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Lol god I think your right mate , to be fair. I did say IMHO . Btw you gave the game away there , your the guy who doesn’t scroll by my posts , ;)