Another doom and gloom Daryll "exclusive"

[WaltersGotStyle 160]

"King, for all there has been criticism of his apparent lack of haste in making a move, gifted Rangers £20million back in 1999. That money is gone."

This is a big hint to has been using Daryll for his own gain...

[Orangeclement 570]

closer to home than them i thinks , my guess its all to do with this notion that we should run Lloyds out of town along with muir get King in and then "certain" fans will get the representation on the board too many coincidences in reports being posted in here and then the very same if not similar quotes being used in an "exclusive with Mr king".

FFS no wonder we are in the mess we are !

The whole tone of the "establishment" on this thread is that it is b0ll0cks and obviously all part of an RST plot to take over the club and cement a haggis pakora supply for life !

The time for petty jealousy is long gone

Maxi - you would struggle to believe how deep some posters on here have their heads in the sand. As long as "that RST shower" don't get fans representation it seems many would be happy for Rangers to go into administration to spite them.

I say this as someone who has no ties to the RST by the way before im attacked for being one of them.

have you heard of many PROFIT making companies going into administation ? can't think of any of the top of my head

[Muff 245]

Worrying if true, along with everything else that is going on - it's time we were told what the fcuk is going on, the truth!

[gandhisflip 5]

closer to home than them i thinks , my guess its all to do with this notion that we should run Lloyds out of town along with muir get King in and then "certain" fans will get the representation on the board too many coincidences in reports being posted in here and then the very same if not similar quotes being used in an "exclusive with Mr king".

FFS no wonder we are in the mess we are !

The whole tone of the "establishment" on this thread is that it is b0ll0cks and obviously all part of an RST plot to take over the club and cement a haggis pakora supply for life !

The time for petty jealousy is long gone

Maxi - you would struggle to believe how deep some posters on here have their heads in the sand. As long as "that RST shower" don't get fans representation it seems many would be happy for Rangers to go into administration to spite them.

I say this as someone who has no ties to the RST by the way before im attacked for being one of them.

have you heard of many PROFIT making companies going into administation ? can't think of any of the top of my head

Yes - where the debt situation is untenable. E.g. Profit £10m Debt/Tax liabilities £100m+

If these cuts go ahead we'll be lucky to attract 20,000 season tickets next season. Assuming no CL football or any kind of decent Eurpopa League run we will very quickly be insolvent.

Where is Sir David Murray? His personal wealth has also been slashed to £110m - you would think someone wants to interview him?

[Stu1993 101]

thats the point im trying to make, the only way you can go into administration is if you cant pay the interest on your debt. and we just gained 13M so i dont see why we cant pay off some of that debt. i cant believe people on here are believing someone who comes out with new "exclusives" everyday it seems. he must know alot of people.

[Frankie 505]

Even if this information is true, what direction are we supposed to take here...

Dave King seems to be leaking this information - along with others perhaps. What does he suggest the supporters do?

Obviously any fan pressure would lower the price he'd have to pay for the club so his motive is clear in one aspect. But this continual drip-drip of information to internet forums and journalists isn't really helping in my view.

Where is the leadership?

[Orangeclement 570]

closer to home than them i thinks , my guess its all to do with this notion that we should run Lloyds out of town along with muir get King in and then "certain" fans will get the representation on the board too many coincidences in reports being posted in here and then the very same if not similar quotes being used in an "exclusive with Mr king".

FFS no wonder we are in the mess we are !

The whole tone of the "establishment" on this thread is that it is b0ll0cks and obviously all part of an RST plot to take over the club and cement a haggis pakora supply for life !

The time for petty jealousy is long gone

Maxi - you would struggle to believe how deep some posters on here have their heads in the sand. As long as "that RST shower" don't get fans representation it seems many would be happy for Rangers to go into administration to spite them.

I say this as someone who has no ties to the RST by the way before im attacked for being one of them.

have you heard of many PROFIT making companies going into administation ? can't think of any of the top of my head

Yes - where the debt situation is untenable. E.g. Profit £10m Debt/Tax liabilities £100m+

If these cuts go ahead we'll be lucky to attract 20,000 season tickets next season. Assuming no CL football or any kind of decent Eurpopa League run we will very quickly be insolvent.

Where is Sir David Murray? His personal wealth has also been slashed to £110m - you would think someone wants to interview him?

If anything when are they going to stop talking to King ?

[GeneralCartmanLee 313]

I work in senior recruitment/executive search so know a wee bit about this stuff. Employee Beenfit Trusts are tax avoidance and are being investigated at the moment by HMRC. A test case brought against the Trust vehicle created by accountancy firm Montpellier was successful and these can now be followed up elsehwere.

Effectively these are offshore vehicles that are set up in the likes of Isle of Man or the Channel Islands. Legally they need to be seen as "employers" of the players who also need to be set-up as self-employed. You are paid minimum wage and only pay PAYE and NI on this. The rest is held in "Trust" and paid to you as discretinary loans to avoid being eligible for tax. This smacks of a Murray scheme as typically you get to retain about 82% of your income (rather than 52-55% at this salary level) - he would likely be on (or whoever set it up) 3 or 4% commission. So for one player earning £1m per year there would be 30-40k back to the person who set the account up, per player.

All the handwringers on here need to wake up. We are deeply deeply in the shit. I'd recommend that we all hold off renewing seasoin tickets until we see MIH's accounts this week and we have confirmation of Lloyds seriously reduced business plan.

We are going to head into the new season with a paper thin squad and mostly youth players. We'll be embarrassed in Europe, will find it almost impossible to compete even in the league and will slide further into obscurity. But Lloyds/MIH will have your season ticket cash.

Could you give me some details of this test case I’ve been looking for one…..

EBT’s aren’t illegal per se though, obviously they can be run in a way that is illegal though…..

This has nothing to do with the RST and because i don't believe darrell king i am a handwringer, away and stop talking nonsense.....

You hold off buying your season ticket if you wnat but i'll be ignoring your reccomendation

[gandhisflip 5]

Frankie - it would seem to be coming from King. I think the timing is a warning to fans with season ticket renewals almost due. I really believe that we should be holding off getting renewals confirmed until Muir/Murray/Lloyds confirm what this business plan is for the coming year.

Once they have that case we have SFA power to influence anything. Then it's just a case of sitting back watching the key players being sold off.

Stu Pollock - the debt is only serviceable at the moment thanks to CL funds. Without that we are loss making (see next season with youth team, no Boogie/Davis) and carrying a debt/liability of somehere between £30-120m depending on which twisted set of accounts carries more weight. Murray's little honeycomb of self interest is crumbling.

[TannochsideBear 355]

I have had some dealings with these offshore benefit trusts recently, and it most certainly is not tax evasion, but perfectly legal.

Yes, it is a tax loophole, and HMR&C try their best to shut them down when they find out about them, but it is not illegal to use these.

I would also add that in most cases like this, an HMR&C investigation is a certainty, so the fact HMR&C are investigating Rangers employee benefit trust is also to be expected. HMR&C ensure all trusts are investigated to try to put off companies from taking them out in the first place, as they know investigations are time consuming and a lot of hassle for the business and sometimes expensive for their accountants to defend, but again I stress that if the paperwork is in order, HMR&C get nothing from it.

As usual, a complete non-story, written in a way that would tend to lead you to believe it was a major problem, when it is nothing of the sort.

I am left wondering why a Sports reporter is writing a story that is clearly way above his head and knowledge. Stick to offsides and penalties Darrell.

[Frankie 505]

Frankie - it would seem to be coming from King. I think the timing is a warning to fans with season ticket renewals almost due. I really believe that we should be holding off getting renewals confirmed until Muir/Murray/Lloyds confirm what this business plan is for the coming year.

Once they have that case we have SFA power to influence anything. Then it's just a case of sitting back watching the key players being sold off.

There's no doubt where the information is coming from.

I'm just questioning their strategy considering they stand to benefit from any pressure we place on the bank.

[GeneralCartmanLee 313]

Also the irony of dave king lecturing anyone about tax liabilities shouldn't escape anyone......

[FieldMarshall85 16]

Even if this information is true, what direction are we supposed to take here...

Dave King seems to be leaking this information - along with others perhaps. What does he suggest the supporters do?

Obviously any fan pressure would lower the price he'd have to pay for the club so his motive is clear in one aspect. But this continual drip-drip of information to internet forums and journalists isn't really helping in my view.

Where is the leadership?

Not from the boardroom, that is for sure

We need to be told what the full implications of the business plan imposed on the club by the bank will be. All we are getting is silence and it is not good enough, how can the club expect 40,000 + fans to renew their season tickets for next year when no-one knows who the manager will be or what kind of team we will be able to field. We have had veiled comments from Walter, but to be honest they only serve to muddy the waters, there is too much speculation and not enough hard facts. Most of all, I want our majority shareholder to come out of hiding and explain himself.

[GeneralCartmanLee 313]

I am left wondering why a Sports reporter is writing a story that is clearly way above his head and knowledge. Stick to offsides and penalties Darrell.

I thought you want him to stick inside his field of knowledge.....

[Frankie 505]

Not from the boardroom, that is for sure

We need to be told what the full implications of the business plan imposed on the club by the bank will be. All we are getting is silence and it is not good enough, how can the club expect 40,000 + fans to renew their season tickets for next year when no-one knows who the manager will be or what kind of team we will be able to field. We have had veiled comments from Walter, but to be honest they only serve to muddy the waters, there is too much speculation and not enough hard facts. Most of all, I want our majority shareholder to come out of hiding and explain himself.

Agreed. I said as much last week.

Nodding and winking via journalists isn't the way to treat Rangers fans.

[gandhisflip 5]

GCL - http://www.offshore-contractors.co.uk/hmrc-bn66-contractor/

* Construction Contractors

* Contractor Services

* IT Contractors

* Law, HMRC and Tax

* Medical Contractors

* Payroll Schemes

o EBT

o Umbrella Companies

Browse > Home / APS Statement On HMRC BN66 Case

APS Statement On HMRC BN66 Case

The content below is published with permission from APS payroll solutions. For more information about their solutions for UK contractors please follow this link or use the form at the bottom of the page.

“HM Revenue & Customs is poised to chase an approximate £100m in income tax from users of an offshore tax avoidance scheme, following a High Court ruling today.

The Court upheld the right of HMRC under the 2008 Finance Act to seek funds from 2,500 tax evaders, after a failed challenge by a self-employed IT consultant

IT consultant, Robert Huitson, who used an intricate Isle of Man tax arrangement to avoid £85,000 of income tax over seven years, argued HMRC’s retrospective levy on taxes contravened his human rights, the BBC reports.

But Judge Justice Parker rejected this, saying users had been warned about possible future challenges to the scheme, adding the Government has the right to change tax law retrospectively to end artificial arrangements.

At the centre of the case is a ‘tax avoidance scheme’ marketed by Montpelier Tax Consultants (Isle of Man) Limited, through which, using a complex web of partnerships and trusts, UK business contractors or consultants could channel work to customers and also receive their income.

It is rumored that there are many more offshore firms offering similar schemes who HMRC claim will be the next in line for investigation.

How has this happened?

Firms such as Montpelier Tax Consultants (Isle of Man) Limited, have been offering ‘tax avoidance schemes’ to their clients, for many years using the double tax treaty (DTA) which is domestic legislation which gives effect to an international treaty.

A double taxation treaty exists to ensure that where a transaction creates a tax liability in one country, an individual does not incur a similar tax charge arising in their country of residency. In simple terms, where such a dual charge occurs, there is a credit for the tax paid in the country where the tax liability arose.

However, on 12th March 2008 Government announced Budget Note 66 (Double Taxation Treaty Abuse) to stop such transactions from occurring. Legislative changes became effective immediately, i.e. the date of the Budget of 12th March 2008.

In the Montpelier scheme, Huitson became a member of an Isle of Man partnership. The partnership then gifted its earnings to a trust in which Huitson had a life interest. His income was being earned in an Isle of Man partnership – in which Huitson was a partner – the income being bounced out into a trust of which he was the sole beneficiary.

The court ruled it was strongly arguable that Huitson, had all along an interest in the partnership profits and so was liable to UK tax. Therefore the case was ruled in favour of HMRC.

[Amac9 2,060]

We need to know what is going on but I will only believe what Walter Smith, Martin Bain etc is telling us, not some shit article from the media.

[GeneralCartmanLee 313]

cheers but I don't think that is the exact same thing we have been doing though.....

[TheHammer 10]

Looks like King lifted this straight from KDS.

Stay away from the cheeko Daryll.

[TannochsideBear 355]

GCL - http://www.offshore-contractors.co.uk/hmrc-bn66-contractor/

* Construction Contractors

* Contractor Services

* IT Contractors

* Law, HMRC and Tax

* Medical Contractors

* Payroll Schemes

o EBT

o Umbrella Companies

Browse > Home / APS Statement On HMRC BN66 Case

APS Statement On HMRC BN66 Case

The content below is published with permission from APS payroll solutions. For more information about their solutions for UK contractors please follow this link or use the form at the bottom of the page.

“HM Revenue & Customs is poised to chase an approximate £100m in income tax from users of an offshore tax avoidance scheme, following a High Court ruling today.

The Court upheld the right of HMRC under the 2008 Finance Act to seek funds from 2,500 tax evaders, after a failed challenge by a self-employed IT consultant

IT consultant, Robert Huitson, who used an intricate Isle of Man tax arrangement to avoid £85,000 of income tax over seven years, argued HMRC’s retrospective levy on taxes contravened his human rights, the BBC reports.

But Judge Justice Parker rejected this, saying users had been warned about possible future challenges to the scheme, adding the Government has the right to change tax law retrospectively to end artificial arrangements.

At the centre of the case is a ‘tax avoidance scheme’ marketed by Montpelier Tax Consultants (Isle of Man) Limited, through which, using a complex web of partnerships and trusts, UK business contractors or consultants could channel work to customers and also receive their income.

It is rumored that there are many more offshore firms offering similar schemes who HMRC claim will be the next in line for investigation.

How has this happened?

Firms such as Montpelier Tax Consultants (Isle of Man) Limited, have been offering ‘tax avoidance schemes’ to their clients, for many years using the double tax treaty (DTA) which is domestic legislation which gives effect to an international treaty.

A double taxation treaty exists to ensure that where a transaction creates a tax liability in one country, an individual does not incur a similar tax charge arising in their country of residency. In simple terms, where such a dual charge occurs, there is a credit for the tax paid in the country where the tax liability arose.

However, on 12th March 2008 Government announced Budget Note 66 (Double Taxation Treaty Abuse) to stop such transactions from occurring. Legislative changes became effective immediately, i.e. the date of the Budget of 12th March 2008.

In the Montpelier scheme, Huitson became a member of an Isle of Man partnership. The partnership then gifted its earnings to a trust in which Huitson had a life interest. His income was being earned in an Isle of Man partnership – in which Huitson was a partner – the income being bounced out into a trust of which he was the sole beneficiary.

The court ruled it was strongly arguable that Huitson, had all along an interest in the partnership profits and so was liable to UK tax. Therefore the case was ruled in favour of HMRC.

This looks nothing like the kind of Employee Benefit Trust that big Companies in the UK would have set up. The amount that chap has "avoided" (£85K over 7 years) would be too small to make it worth their while for most Firms that deal with these trusts.

While this may be bad news for the chap in question, to link similarities between this case and any potential tax liabilities for RFC would be the same as suggesting that Celtic still have a chance of the 2010 SPL title.

[blueben_d 40]

Another day and another BS story about our finances from a sports journalist. According to the article King knew about this supposed investigation in January so why is it only coming out now - pish.

Supporting Rangers is not about what players are on the pitch or who is the manager. I would encourage all season ticket holders to renew, if not don't worry there are plenty of people who will gladly take your place.

Though the streets be broad and narrow.....

WATP

[Orangeclement 570]

Another day and another BS story about our finances from a sports journalist. According to the article King knew about this supposed investigation in January so why is it only coming out now - pish.

Supporting Rangers is not about what players are on the pitch or who is the manager. I would encourage all season ticket holders to renew, if not don't worry there are plenty of people who will gladly take your place.

Though the streets be broad and narrow.....

WATP

NO SURRENDER

and all that

[Jimenez 1]

Another day and another BS story about our finances from a sports journalist. According to the article King knew about this supposed investigation in January so why is it only coming out now - pish.

Supporting Rangers is not about what players are on the pitch or who is the manager. I would encourage all season ticket holders to renew, if not don't worry there are plenty of people who will gladly take your place.

Though the streets be broad and narrow.....

WATP

I don't have a clue what is going on here, whether King (the man who invested 20million into the club) is leaking information to get himself a better deal for the club.

Or whether the bank really are going to gobble up almost all our revenue in one fell swoop.

I don't have a scooby to be honest, I'm sick to my back teeth of all of this.

I just want honest answers.

the part in bold there though, is not true. ST sales were down last season on the year before and there's no indication that wont be the case.....all this speculation is harmful to the club, the club need to act 'cos Smith's comments and now this will make bears wary of dipping into their pockets, that's a fact!

[Ace 3,556]

No matter the veracity of the stories, i feel it is now time for those at the club to come out & reveal the true extent of liabilites that RFC have & how are they linked to the larger MIH.

These stories have caused consternation for fans of the club & are now bringing the club into disrepute.

The senior management must come out & make it clear what is happening.

[FieldMarshall85 16]

No matter the veracity of the stories, i feel it is now time for those at the club to come out & reveal the true extent of liabilites that RFC have & how are they linked to the larger MIH.

These stories have caused consternation for fans of the club & are now bringing the club into disrepute.

The senior management must come out & make it clear what is happening.

I suspect that there is a reluctance from the current Rangers board to tell the complete truth about this as it will reflect very badly upon Murray.