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Tax may be optional, we’ll find out tomorrow

293

Twas the night before Christmas, when all thro’ the house
Not a creature was stirring, not even a mouse;…..
The children were nestled all snug in their beds,
While visions of sugar plums danced in their heads
Tomorrow we will learn if the Supreme Court decide in favour of HMRC or Rangers’ liquidator, BDO, on the Big Tax Case, which saw the former club pay dozens of players, managers, other clubs’ managers, and executives, millions of pounds through Employee Benefit Trusts (EBTs) without paying Income Tax.

EBTs were designed to allow employers to assist staff with crisis loans.  Most organisations do this at some point.  If the sum is small enough (“Here’s £20 from petty cash to put fuel in the car”), the payback period brief enough (“Here’s £500 until payday”), or the organisational oversight not too onerous (“The boss says you can have this, pay it back when you get the insurance money through”), such agreements are often informal.

If the above conditions do not apply, the employer would need to setup a Trust, whereby it could pay the loan, which would then be repaid.

Employee Benefit Trusts were not introduced as a way to allow millionaires to avoid paying the Income Tax and National Insurance but they were exploited in exactly this manner by Rangers, whose liquidators continue to spend creditors’ money to in the hope of avoiding tax which will never fully be paid from the limited Rangers’ creditors’ pot.

If BDO are successful, tomorrow you will see many poor and disadvantaged celebrate the triumph of the rich, who have reduced money available for public services, welfare payments, health, education and even defence.  The pitiful will toast the pitiless.  You may despair at their lack of awareness.

I hope this doesn’t happen.  I hope Income Tax hasn’t been optional for the rich all these years.

If HMRC are successful, those millionaires may find themselves with demands for the payment of Income Tax.  The public purse may be in line for a small windfall.

It will not have escaped your attention that, in this circumstance, Rangers used unlawful tax arrangements for many years.  Arrangements that were not legally available to other clubs.  We will explore this in another blog later today.

But let’s not get ahead of ourselves.  Christmas doesn’t always come; you might be onto (sugar) plumbs.  Tax may be optional.

NEW CQN PODCAST WITH SFA PRESIDENT ALAN RAE OUT NOW!

Episode 2 of ‘A Celtic State of Mind’ finds Paul John Dykes and Kevin Graham discussing a variety of topical subjects concerning Celtic Football Club, including:

* Callum McGregor: The Youth of Today;
* Death of the Cult Hero;
* Norwegian Wood – Ronnie Deila’s Exit Interview;
* Farewell to The Stone Roses;
* Hillsborough: The Truth.

Paul John Dykes also chats to SFA President, Alan McRae, to challenge him over recent comments made about Celtic’s domination of Scottish football.

Connect with A Celtic State of Mind @PaulDykes and @CQNMagazine or just listen using the link below…

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  1. The Green Man says SACK THE Board on

    Starry Plough

     

    I=

     

    Dont like him. I dont know the lad.

     

    Im being realistic.

     

    We cant allow him to run his contract down and get nothing for him.

     

    So, if he doesnt want to sign, sell him.

     

    That is the way it is.

     

    If he wants to go, so be it. Good luck to him.

     

     

    HH

  2. Just you and me!

     

     

    And I’m just finishing work for the day.

     

     

    Tough life!

     

     

    Hope you are well!

     

     

    I’ve kept the weight off too!

  3. thetimreaper on

    If HMRC are successful, those millionaires may find themselves with demands for the payment of Income Tax. The public purse may be in line for a small windfall.

     

     

    —-

     

    Tax to be paid regardless of result tomorrow.

     

     

    https://www.google.co.uk/amp/s/amp.ft.com/content/19892596-4e98-11e6-88c5-db83e98a590a

     

     

    Under the terms of the Revenue’s crackdown, all outstanding loans from EBTs must be repaid in full by April 2019. HMRC said it had moved to extend the time period to allow more people to come forward.

  4. Someone at work buys the Sun.

     

     

    They put it on my desk this morning telling me that Armstrong was going to Southampton.

     

     

    I noticed the article did not specify or even suggest a transfer fee, which would be many millions at least.

     

     

    Is this so as not to upset their hun readership?

  5. blantyretim is praying for the Knox family on

    Clogher Celt

     

     

    Noticed Milish posted that Gary Ogg was sold out in Drogheda this weekend

  6. The Green Man says SACK THE Board on

    Philbhoy

     

     

    A big fuss for nothing.

     

    He stays or signs for whoever.

     

    That is football.

     

     

     

    HH

  7. I am hearing from a source in Liverpool that we are in advanced talks re Sturidge, anyone else heard anything !!

  8. Coolmore Mafia on

    Strip the titles. If there is any ‘social disorder’, we expect the police to jail anyone breaking the law.

     

     

    Otherwise it’s mob rule.

  9. THE GREEN MAN SAYS SACK THE BOARD

     

     

    It’s his hair isn’t it, he’s got that beautiful full head of hair, I get it, it’s frustrating seeing those Hoopsters with beautiful hair..

     

     

    Mate they’re on tour, do you think BR is chasing him round trying to get him to sign:))

     

     

    This sign or I’ll drive him to the airport myself carry on drives me mad.

     

     

    Discussions are ongoing the manager said that..

     

     

    Patience no your strong point eh:))

     

     

     

    There’s not been one quote anywhere that said he didn’t want to sign..

  10. TGM

     

     

    I know how it works.

     

     

    My point was that the rag did not speculate on the amount of the transfer fee, in this case many millions.

     

     

    News the huns would not want to hear.

     

     

    Us getting richer and richer. Or more and more rich.

  11. Go tell the Spartim on

    Kittoch

     

     

    thought the story was that Liverpool wouldnt sell as it would cost to much to replace him

     

     

    great player on form but too much of a sick note

  12. I’ll await tomorrow’s result on the BTC, and I’ll add, I’v no trust in the UK court system when institutions are involved, hopefully I’m wrong but.

  13. thetimreaper on

    PHILBHOY on 4TH JULY 2017 12:09 PM

     

     

    Someone at work buys the Sun.

     

     

    —–

     

    What on earth possesss people to buy that rag these days.

  14. Spartim

     

     

    Agree re the chocolate legs, but the source is strong, in Brendan we believe

  15. Kittoch on 4th July 2017 12:12 pm

     

     

    I am hearing from a source in Liverpool that we are in advanced talks re Sturidge, anyone else heard anything !!

     

     

    ================================

     

     

    Heard that too.

     

     

    Just read it- about ten minutes ago. On a reknowned Celtic blog.

     

     

    Hang on…

  16. I love silly season. Waiting for the huns to froth over the Nani signing at Mordor rumour.

     

     

    Not a lot of them get rhyming slang.

  17. The Green Man says SACK THE Board on

    Starry Plough

     

    Philbhoy

     

     

    Honestly. I think Stuart Armstrong is a wonderful talent, i really hope he stays.

     

    However, my point is purely about football. He has improved out of all recognition, he had to, because previously he was dire.

     

    Now, i will stick to my mantra. You dont become a superstar overnight, you have to prove it over a period of time.

     

    That much is clear to me.

     

    And its nothing to do with his hair, my hair is more stylish:)

     

     

    HH

  18. Imatim wants justice and the titles to be stripped from the cheats on

    TONYDONNELLY67 on 4TH JULY 2017 11:50 AM

     

    My opinion, it’s all speculation, this one going this one staying, this one signing, this one not, then again people like that sort of stuff I suppose, until it’s officially sent out by the club , then I’m interested, I don’t even do friendliness or testimonials now, a used to, but not now, used to travel all over, young guns are taking over and good for them.

     

     

    Can’t wait for the season to start and this stupid window closing carry on is finished, load of tripe, it never closes, players sign Aug, Sept. Oct. Nov. Dec..

     

     

    There’s always a claus, it’s a joke.

     

     

    ………………………….

     

     

    What has Santa ever done to you?

  19. BABASONICOS71 on

    Facepainting is a whimsical public service,no charge should apply.The teddy bears are innocent.Free the WAT people. ;))

     

    ===

     

    Sell Armstrong,he thinks he’s Zinedine Pirlo.Asking for £500,000 per week and a 9 year contract is out of order and suggests diva prima maradona syndrome.And Rodgers and Lawwell should be sacked for not giving him what he wants.

     

    Roll on the closing of the window.

  20. THE GREEN MAN SAYS SACK THE BOARD

     

     

    That’s clear you don’t become a superstar overnight and I don’t think the Bhoy thinks that about himself but we of the Celtic support seem to take it personally if a player is in negotiations over his contract at the club, i.e. Tom Rogic there were calls on here for him to sign of GTF.

     

     

    These things take time and we are on tour, so I wouldn’t expect there to be any announcement till we’re back in Glasgow.

     

     

    The idea that some how players are messing the club around when they’re in talks with the club over their contracts doesn’t sit well with me.

     

     

    You wouldn’t think that in any other field of employment and I think we’re to quick off the mark to label these players as Billy Bigbaws etc etc.

     

     

    It’s the Glasgow way:))

     

     

    You’ve got better hair than Wash n Go Armstrong…foties:))

     

     

    HH

  21. THE GREEN MAN

     

     

    Some posted the other day he could be the next Liam Miller if he leaves now. Miller currently plays for Wilmington Hammerheads.

     

     

    Mind you he is 36.

  22. I hope with all my being that the horrible mob get their cummupance big style tomorrow

  23. THETIMREAPER on 4TH JULY 2017 12:07 PM

     

     

    Could read the article as it needs a subscription to the FT.

     

     

    Do you know if the repayment of the EBTs is the repayment of the missing tax to HMRC or the actual loans back to Rangers (IL)?

     

     

    If the latter then could Rangers (IL) become solvent again, come out of liquidation and demand their membership back from SevCo?

     

     

    Hail Hail

  24. The Green Man says SACK THE Board on

    Starry Plough.

     

     

    I get what you are saying.

     

    I dont think he is the finished article by a long way.

     

    He should stay where he is.

     

    Btw, on the hair issue, i think Stuart would find it difficult to upstage my wild 1970’s Dickie Davies swept back look:)

     

     

    HH

  25. The Green Man says SACK THE Board on

    Philbhoy

     

     

    Thats my fear….Liam Miller.

     

    Worst case scenario….Feruz.

     

    I know where id want to be:)

     

     

    HH

  26. Hi Paul67,

     

     

    Interesting piece… unquietly confident are we:)

     

     

    …It will not have escaped your attention that, in this circumstance, Rangers used unlawful tax arrangements for many years. Arrangements that were not legally available to other clubs.

     

     

    This is a lie that has to be nailed…

     

     

    HMRC have always stated that the way Rangers utilised EBT’S were illegal.

     

     

    In what circumstance was it therefore open to other Clubs to recompense Players in this manner.

     

     

    Sure, you can point to how illegal they really are is as yet to be established, none the less, their use was at best irresponsible, remember Rangers had to hide documentation from HMRC and The Scottish Football Authorities.

     

     

    We saw that it was well established, in the Craig Whyte case, that many Professional Witnesses agreed with Donald Findley QC, that the implementation and failure to properly deal with the EBT’s and resulting Contingent Liability was a major factor in Rangers’ insolvency.

     

     

    How then could anyone, let alone a Law Lord, suggest Clubs could implement such a dubious scheme.

     

     

    If the Supreme Court comes down in favour of HMRC, then supposition of LNS, that EBTs afforded no sporting advantage, which was always highly controversial, becomes totally unsupported.

     

     

    With the other factors that have since become known, such as the original frame of reference and witnesses being less than wholesome with the truth.

     

     

    The LNS Inquiry needs to be revisited and a proper root and branch review of the Rangers insolvency and Sevco Scotland deal(s) MUST be set-up. This time really “Without Fear Or Favour”.

     

     

    Hail Hail

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