The SPL yesterday released a statement concerning the Employee Benefit Trust payment Celtic made in 2005 to Juninho, in response to what sounded like unfounded allegations made earlier this week.
The league noted, “we have seen reports regarding an EBT in relation to a former player of Celtic FC. The SPL has investigated the arrangements and documentation in that case and has determined that there is no evidence of any breach of SPL Rules”.
Many good employers have understood the benefit of assisting individual members of staff during times of crisis or personal hardship. One very practical way of doing this is to lend them money, which happens in businesses up and down the country every day. When the nature of these transactions involve either a company of sufficient size, a lengthy repayment period, or a high value loan, a formal structure is needed to establish the terms of the transaction, not only for the benefit of employer and employee, but also for the tax authorities – who authorise tax-free payments of this kind.
These tax rules were not established to allow wealthy individuals to escape their social duty.
Not long after Rangers first operated an Employee Benefit Trust Celtic were approached and offered consultancy to establish a similar scheme. The promised benefits were huge, vast quantities of cash would no longer go to HMRC and would be freed up to spend on new players.
Celtic were not convinced.
Loans would need to be repaid and if not, contractually binding transactions would need to be documented in accordance with SPL and SFA rules, and this very documentation would make them liable for tax. For Celtic, EBTs could only be used in limited circumstances, would be unable to deliver a significant impact on the business, and would introduce a further layer of professional costs.
“How can these work?” That was the question. How on earth can a club pay millions of pounds into a Trust none of which is contractual? Players, and their agents, like to have things written down. If you write it down and inform the authorities, you’re taxed on it. Celtic were not prepared to enter any written agreement and not declare it to their auditors, HMRC or the football authorities.
What was the cost of this principled stance?
In season 2004-05 former World Cup winner, Juninho, arrived at Celtic from Middlesbrough on a straightforward contract, his only contract with the club, which was correctly registered with the football authorities. He only lasted eight months before agreeing to terminate his deal. Celtic made a payment of around £750k into an EBT the player had from before his time at the club.
Celtic informed HMRC of the details of their EBT transaction with Juninho and were told this was regarded as income, not a loan, and that they would need to pay tax. Celtic then paid tax due on top of the £750k which went to Juninho. It was a pointless and expensive exercise for Celtic, but they dealt with it honestly and openly.
The club’s understandings of EBTs from five years earlier were confirmed, this was not a way to avoid taxation by filtering part of a player’s income away from PAYE. Board members of any other club which understood how to make this work were clearly a lot smarter than our guys. They were also able to buy players and win leagues while our board were hammered daily for their prudent values.
I bet directors at that other club are sounding pretty contrite now, humbled by the emerging news. There will be no self-serving vainglorious rabble rousing.
Far from Celtic being subject to criticism on this matter, scrutiny of their actions will only reveal the stark cost of following the rules when others don’t.
Congratulations to the campaigners who for 23 years sought Justice for the 96. We all watch the game in a safer environment because of the loss endured by the families bereaved at Hillsborough. Yesterday’s report condemns the actions of many: some senior police officers, sections of the media, one or two of who should never work in the industry again, and a former MP, whose actions were truly appalling, and who remains a knight of the realm, but those running the game, those responsible for Health and Safety standards, and various governments have a responsibility to bear.
Dangerous crushing inside and outside football grounds was a fact of life in the 1980s, including at the Janefield St entrance to Celtic Park.
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the is the best leggo article yet, the panic oozes from every claim and insult, it game is lost and the best he can do is squeal like a wee piggy at the butchers :oD))
O.G.Rafferty 17:54 on 13 September, 2012
No limitations to the lunacy.
Commissioner Gordon?
Cab you patch me through to Lawwell’s sister-in-law’s niece on Line One?
canamalar
I totally accept what you are saying.
Why have they not furnished the judge with the info he asked for ?
Why would a company like D and P put themselfs in a position where they may well be liable ?
These are shrewd cookies, they are not amatures, they will have covered their backs at every turn.
Time will tell.
Mark Hateley says outing Peter Lawwell’s sister-in-law’s niece is like a new signing
HH
Steinreignedsupreme
The SNP could never justify 150 million to bail them out.
They can wait see what the aftermath brings, cost virtually nothing, save the fabric of the nation.
I hope you are right, I pray you are right.
Neil canamalar Lennon hunskelper extrordinaire 17:59 on 13 September, 2012
The funniest article by Legless was back in February when he described Craig Whyte as “an expert poker player” … a week later the Huns were in administration.
Keevins on Celtic’s injury problems : ” So..aah…Neil a Lennon has aah purroblemz ah up ah furrunt..”
Subtext : one delighted internet bampot hating fud with a microphone.
And I go back to reading. Snyde abandoned.
HH.
For Jungle Jim
Mind and wash your eyes efter.
miki67-Heard it mate,somebody better tell him we signed 2 strikers last week.
fingeronthe pulsecsc
tomtheleedstim
16:36 on 13 September, 2012
Read back about the masonic references in Alastair Johnston’s speech and I think it’s been over played. He seems on the level to me.
========================
Absolutely, Tom.
…& you are a SQUARE guy who knows all the ANGLES.
Another fine piece of journalism from the wonkeyraider. Lol
JEEZ-I-THOUGHT…
Last time at Benfica there were tickets for all parts of the ground for sale at the ticket kiosk outside the stadium on the morning of the game.
Pat
TET,
The judge asked for the report prior to liquidtion, nothing more, they have until BDO move in.
The conflict if interest originates pre D&P, D&P could just be another patsy in a long list of those conned, do you think D&P would have absorbed a dodgy mob if they thought a judge would be looking at conflict of interest charges.Even being asked for proof there is no conflict damages their reputation. Its been highlighted here and on many other sites all is not well with the way D&P have been conducting themselves. Thats no very good rearguard deployment. They never expecte the spanish inquisition, no one expects the spanish inquisition, the establishment have been ambushed by the interweb bampots their arrogance has been their undoing, information control failed.
Not been on for a while,what’s the news about Sammi ?
Been on holiday,was introduced to an English guy,who was adamant that the government would step in to sort out the manky mob problem,and not to our satisfaction.He had no leaning towards them,just his opinion on the whispers in power.
Does anyone have an idea what date we will find out whos been allocated tickets for the Barcelona away game? I already cant wait for it
saltires en sevilla
16:03 on
13 September, 2012
JIMMCI
i suspect if the book was ‘Downfall -Celtic..etc’
WHSmith would be organising prizes for best window display..
>>>>>>>>>>>>>>>>>>>>>>>>>>>
Brilliantly hilarious ……… and so true…!!!!!!
I think the Masonic angle re: AJ has been exaggerated. He is merely keeping an All-Seeing Eye on the Pyramid of the Scottish game, whose Geometry is dreadfully askew and whose fabric is in need of serious repair.
You don’t need the wisdom of Solomon to see he is simply concerned about the state of the Temple that is our national game.
With the drink fuelled rantings of the ex hack educating the hordes ,the odds on violence must be getting cut across the city .
Usually I would dismiss this pap as being from a deranged ,pickled livered bigot but with the sheer volume of the kicking us when we are down brigade ,I fear for the safety of any Celtic fan in Glasgow .
I thought there were new laws in this country regarding incitement ,if so ,get off yer erse Salmond and get this clowns collar felt .
canamalar
The judge asked for the report prior to liquidtion, nothing more, they have until BDO move in.
Are you sure about that ? something tells me he asked for it within 28 days, not a bother in the grand scheme of things.
D and P could easilly be another patsy, you only have to look at ticketus, 20 odd million, not an insignificant ammount.
Probem could be the time all this takes to pan out.
The wheels of justice n awe that.
That was Leggo at his more lucid.
He only writes when he’s sober!
fanadpatriot 18:21 on 13 September, 2012
“Been on holiday,was introduced to an English guy,who was adamant that the government would step in to sort out the manky mob problem,and not to our satisfaction.He had no leaning towards them,just his opinion on the whispers in power.”
I hope you asked for a pint of what he was having…
the exiled tim
16:21 on
13 September, 2012
They no longer exist, and this Newco won’t be with us long term………
I don’t see the SNP getting involved at all ……they could put king bully’s horse in goal, and the bhuns still wouldn’t vote SNP, and if they DID help them, in any way, they would lose votes from the rest of the community ……. If ANY government helped ANY Liquidated company, it would set SOME precedent……
Jungle Jim
17:44 on 13 September, 2012
Rankers sectarian signing policy commenced with the purchase of a Glasgow shipyard by Belfast shipbuilders Harland and Wolff in 1912. The workers they imported from Belfast adopted the local team in Govan and the rivalry with Celtic, seen as the Irish team in the west, was quickly estabished after that. At the same time it is alleged the Rangers board seemed to get closer to theOrange and Mason movements, which also influenced their signing policy and corporate culture for the best part of the next century.
The cardigan’s competitive record as Scotland manager is reasonably good, winning 6 out of 11 matches.
Whers the leggo rant? Thread please Need a laff <o((
STEVO 1232
Thanks for that reply mate.
I’ll give that a try later when I get into work-the mailing address there is the alternative I offered to Microsoft for correspondence.
Looks likely I’ll have to set up a couple of new ones and give up on the information held on my old one.
Not happy,I can tell you!
More Guff to get your tired eyes around.
http://www.rangersmedia.co.uk/index.php?option=com_content&view=article&id=936%3Aconsequences-anti-rangers-propaganda&catid=101%3Aclub&Itemid=529
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
“Consequences, Not Punishments” Is Nothing But Anti-Rangers Propaganda
Details Published on Thursday, 13 September 2012 10:00 Written by Oleq Kuznetsov
“Consequences, not punishments” is the latest mantra of the Rangers-hater. Punishments thus far have not satisfied their blood-lust. Therefore, there is a clear attempt ahead of the SPL hearings into “dual contracts”-another piece of disinformation and propaganda aimed at suggesting something which didn’t happen actually did- to portray Rangers as having been somehow “let off” with “wrong-doing”.
Other phrases such as “cheating”, “match-fixing” and “players they couldn’t otherwise have afforded” are other such attempts to disinform the public and set an agenda based on a few half-truths and many lies.
“Consequences, not punishments” is clearly disproven when you consider that the SFA transfer embargo and the associated fine were called “sanctions” by the governing body. Also, the 10-point deduction is another sanction, one which Motherwell, a champion of sporting integrity, never faced and is aimed at stopping clubs using administration, as Motherwell did, to easily sidestep debt. They were always previously spoken about as sanctions, and therefore punishments, but that status is being altered before our eyes, merely in an attempt to sway the debate against Rangers.
Furthermore, the SPL fans were vocal in stating that Rangers should not be allowed to ditch debt, without punishment to re-enter the SPL. They had their fan votes and the arguments were all based round the need for Rangers to be punished by being kicked out of the SPL. Now they have their punishment, it’s no longer enough. In fact, they now feel it’s not punishment at all, just like an compulsive over-eater never feels properly fed. In both cases the perception is false and betrays the facts of the matter. They’re trying to deceive us all, just as the over-eater tries to deceive himself. Both cases clearly demonstrate the attempt to justify “having another bite”. In our case, Rangers is the tasty morsel they are after.
The sheer need and desire of these people to have Rangers punished knows no end. There is no satisfying the bloodlust. They will continue to bombard all facets of the media, including those already “on message” in order to set the agenda. We need to redress that balance. We need to ask the media questions like, are murderers being punished with incarceration or the death penalty, in certain states, being punished or merely “experiencing consequences”? This question highlights the absurdity of the “consequences, not punishments” arguments.
We cannot let the agenda be set unfairly and unjustly against us yet again.
Sorry, above @ 18:40 should read-
Rankers sectarian signing policy “coincided”
Is legging back on the Buckie?
Lidl or Popov Vodka maybe ?
Both cases clearly demonstrate the attempt to justify “having another bite”. In our case, Rangers is the tasty morsel they are after.
!!!!!!!!!!!!!!!!!!!!!!!!!!!
Spit, yuk, shudder. Like biteing down on on one of Amsterdams finest!
Sorry new iPad, Leggo!! I am not on buckie!!!
Wonkyradar : you have an uncanny insight into the true soul of ra berrz.
In your piece parodying Legless you mention the constellation, Ursa Major i.e. The Great Bear. If Raygun and Dungcaster have appeared from said direction and you believe them to be Irish Reptile Aliens ( subtle inference acronym there…cap doffed ) have they been on a secret mission to subvert the home planets of ra berrs?
Because, for sure, ra berrz are operating with brainz, or the lack thereof, which are not of the Earthbound variety.
In any case….I wish you well in your continued melding with the fevered brains of Legless and ra berzz. Keep soothing medication at hand for the pain.
Wonky radar
Did you Aw Naw that Leggat diatribe in any way?
I think Ill have Turnbull Hutton over for Christmas!!
TECHIE HELP REQUIRED
Microsoft have blocked my hotmail account. When,as directed,I asked for a new password to be sent to a different address,and entered it,they then gave me an e-form to fill out to confirm my identity.
This I did.
Every time I do this-daily-it remains blocked,and I have to repeat the process-with the same blinkin’ result!
Anyone got any ideas?
I have some important info on this account which I’d rather not lose!
Thanks in advance,from yer favourite Luddite….
Any email service should be able to restore emails as they hold them on servers. I had some problems recently and my email provider restored all the ones I needed on request.
Jude
Wonkyradars post at 17.07 page 5
HAIL HAIL