OlegKuznetsov 10,816 Posted May 17, 2010 Share Posted May 17, 2010 http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/2975056/Tax-bill-is-not-going-to-sink-us.htmlRANGERS chiefs have moved to calm fears that a £54million tax bill could plunge them into administration.The SPL champs are fighting the taxman in a big-money row over a loophole used by several clubs.It had been claimed Gers faced a £24m 'assessment of liability' which would deepen debts of £31m.It was also reported that interest and backdated penalties to HMRC could send the tax bills spiralling to a staggering £54m and the debt rocketing over £80m.Ibrox sources last night insisted, however, the bulk of any tax bill will be laid at the door of Murray Holdings.If the taxman wins his legal fight, only a fraction of the liability would be due by Gers.Rangers have reiterated that former chairman Sir David Murray will be vigorously fighting the tax charges.A club statement read: "We can confirm there is an ongoing query from HMRC which is part of a pending court case."On the basis of expert tax advice provided to Rangers, the club is defending the matters raised."It would therefore be inappropriate to comment further at this stage."SunSport understands the Ibrox hierarchy are not fearful of being hit with a bumper bill by the taxman. Chairman Alastair Johnston has confirmed the matter is one being dealt with by Murray Holdings.He said: "It is not a new issue."Tax issues are never clear cut, but all I can say is that we have taken a lot of legal advice on the issue."I do not think it should be a material concern for us in the longer term."It's something the Murray Group have been dealing with and taking care of."Gers expect to hear back from Lloyds Bank in the next 72 hours over the budget for next term.Chief executive Martin Bain held a top-level summit with the club's bankers last week.He's eager to finalise a business plan which will allow Walter Smith to make plans for the SPL title defence.Smith has yet to confirm he'll stay as manager amid fears of savage budget cuts and the loss of key players.Gers have offered out of contract defender Kirk Broadfoot a three-year deal on improved terms.Ibrox stopper Madjid Bougherra has seen a possible £5million move to Hamburg collapse.Hamburg sacked their boss Bruno Labbadia three weeks ago and have put transfer moves on hold until a successor is put in place.Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/2975056/Tax-bill-is-not-going-to-sink-us.html#ixzz0oAOFwibX Link to post Share on other sites More sharing options...
Poetry_In_Blue 1,043 Posted May 17, 2010 Share Posted May 17, 2010 Something the less sceptical of us knew and accepted in the first place, I really doubt MIH will have to pay anything back. As for the club going into further debt, that is a load of rubbish, which to a certain degree has been clarified by the Sun of all papers, but again something we all knew, as there would be a clause in any possibly purchase of the club stating that previous owners etc would be liable for any payments back.As for the wee bit at the end about Bougherra, what a load of shite! Link to post Share on other sites More sharing options...
Bluedell 14 Posted May 17, 2010 Share Posted May 17, 2010 AJ's quotes were from a few weeks ago, so this is as much a nothing story as yesterday's NOTW one was.I fail to see why MIH would have to pay for Rangers liabilities anyway, if there were to be anything due. Link to post Share on other sites More sharing options...
Poetry_In_Blue 1,043 Posted May 17, 2010 Share Posted May 17, 2010 AJ's quotes were from a few weeks ago, so this is as much a nothing story as yesterday's NOTW one was.I fail to see why MIH would have to pay for Rangers liabilities anyway, if there were to be anything due.My understanding, is that if there is to be a new buyer, then there would be a clause in any purchase saying that from the time of purchase then they and in turn Rangers, would not be liable for any debts/decisions made prior to purchase, and as MIH or Murray was the previous owner then they would be liable.Something which I'm sure has been mentioned before? Link to post Share on other sites More sharing options...
Boab 73 Posted May 17, 2010 Share Posted May 17, 2010 'Correcting them? Both papers are made under the same umbrella? Link to post Share on other sites More sharing options...
Bluedell 14 Posted May 17, 2010 Share Posted May 17, 2010 AJ's quotes were from a few weeks ago, so this is as much a nothing story as yesterday's NOTW one was.I fail to see why MIH would have to pay for Rangers liabilities anyway, if there were to be anything due.My understanding, is that if there is to be a new buyer, then there would be a clause in any purchase saying that from the time of purchase then they and in turn Rangers, would not be liable for any debts/decisions made prior to purchase, and as MIH or Murray was the previous owner then they would be liable.Something which I'm sure has been mentioned before?That's not the same thing though. If there is no buyer and we got hit with a bill tomorrow, would MIH step in and pay for it all? Very doubtful.I would however agree that a sale agreement would probably cover an indemnity for any old tax issues, including this. Link to post Share on other sites More sharing options...
Poetry_In_Blue 1,043 Posted May 17, 2010 Share Posted May 17, 2010 AJ's quotes were from a few weeks ago, so this is as much a nothing story as yesterday's NOTW one was.I fail to see why MIH would have to pay for Rangers liabilities anyway, if there were to be anything due.My understanding, is that if there is to be a new buyer, then there would be a clause in any purchase saying that from the time of purchase then they and in turn Rangers, would not be liable for any debts/decisions made prior to purchase, and as MIH or Murray was the previous owner then they would be liable.Something which I'm sure has been mentioned before?That's not the same thing though. If there is no buyer and we got hit with a bill tomorrow, would MIH step in and pay for it all? Very doubtful.I would however agree that a sale agreement would probably cover an indemnity for any old tax issues, including this.Unless there had already been some agreement in place which we're not aware off?To be honest I don't think Rangers or MIH have anything to worry about, typical scaremongering by papers who only seem to focus on our club but fail to mention the other SPL and English clubs who have also used the same clause to pay bonuses etc to players. Link to post Share on other sites More sharing options...
GeneralCartmanLee 313 Posted May 17, 2010 Share Posted May 17, 2010 I would be worried PIB, the tim websites have us out the Champions league and them in it, ten points taken off of us, our whole first team squad sold, them getting ten in a row and then us going out of business....You know how accurate they are concerning our club.... Link to post Share on other sites More sharing options...
Blue Stars Bearette 1 Posted May 17, 2010 Share Posted May 17, 2010 Yeah Oleg...I read that also in the Scary Mail this morning...its been ongoing for a while and is not new news and Rangers may only be liable for a fraction of the sum...I noticed that NOTW headline yesterday and knew it was another gutter swipe from their 'attempting to be journalists' scandal crew Link to post Share on other sites More sharing options...
Poetry_In_Blue 1,043 Posted May 17, 2010 Share Posted May 17, 2010 I would be worried PIB, the tim websites have us out the Champions league and them in it, ten points taken off of us, our whole first team squad sold, them getting ten in a row and then us going out of business....You know how accurate they are concerning our club.... I don't dirty mine eyes or mind with there shites, sorry I meant sites Link to post Share on other sites More sharing options...
ShaneRalfRoss 345 Posted May 17, 2010 Share Posted May 17, 2010 http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/2975056/Tax-bill-is-not-going-to-sink-us.htmlRANGERS chiefs have moved to calm fears that a £54million tax bill could plunge them into administration.The SPL champs are fighting the taxman in a big-money row over a loophole used by several clubs.It had been claimed Gers faced a £24m 'assessment of liability' which would deepen debts of £31m.It was also reported that interest and backdated penalties to HMRC could send the tax bills spiralling to a staggering £54m and the debt rocketing over £80m.Ibrox sources last night insisted, however, the bulk of any tax bill will be laid at the door of Murray Holdings.If the taxman wins his legal fight, only a fraction of the liability would be due by Gers.Rangers have reiterated that former chairman Sir David Murray will be vigorously fighting the tax charges.A club statement read: "We can confirm there is an ongoing query from HMRC which is part of a pending court case."On the basis of expert tax advice provided to Rangers, the club is defending the matters raised."It would therefore be inappropriate to comment further at this stage."SunSport understands the Ibrox hierarchy are not fearful of being hit with a bumper bill by the taxman. Chairman Alastair Johnston has confirmed the matter is one being dealt with by Murray Holdings.He said: "It is not a new issue."Tax issues are never clear cut, but all I can say is that we have taken a lot of legal advice on the issue."I do not think it should be a material concern for us in the longer term."It's something the Murray Group have been dealing with and taking care of."Gers expect to hear back from Lloyds Bank in the next 72 hours over the budget for next term.Chief executive Martin Bain held a top-level summit with the club's bankers last week.He's eager to finalise a business plan which will allow Walter Smith to make plans for the SPL title defence.Smith has yet to confirm he'll stay as manager amid fears of savage budget cuts and the loss of key players.Gers have offered out of contract defender Kirk Broadfoot a three-year deal on improved terms.Ibrox stopper Madjid Bougherra has seen a possible £5million move to Hamburg collapse.Hamburg sacked their boss Bruno Labbadia three weeks ago and have put transfer moves on hold until a successor is put in place.Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/2975056/Tax-bill-is-not-going-to-sink-us.html#ixzz0oAOFwibXrepost http://forum.rangersmedia.co.uk/index.php?showtopic=151382 Link to post Share on other sites More sharing options...
the brown brogue 1,964 Posted May 17, 2010 Share Posted May 17, 2010 I would be worried PIB, the tim websites have us out the Champions league and them in it, ten points taken off of us, our whole first team squad sold, them getting ten in a row and then us going out of business....You know how accurate they are concerning our club.... I know, as if Mondays weren't bad enough as it is, cant believe this really is the end of Rangers Link to post Share on other sites More sharing options...
ChrisVanDarche 23 Posted May 17, 2010 Share Posted May 17, 2010 MIH would be liable for these sums, not the club. Link to post Share on other sites More sharing options...
RM Monitor And Standards Officer 112,906 Posted May 17, 2010 Share Posted May 17, 2010 What about going inot administration, thats a good idea Link to post Share on other sites More sharing options...
nvager 498 Posted May 17, 2010 Share Posted May 17, 2010 I will be glad when all the rumours are put to bed and we have concrete good news to go on. I think we may all be pleasantly surprised yet. At least I hope so. Link to post Share on other sites More sharing options...
outlaw69uk 123 Posted May 17, 2010 Share Posted May 17, 2010 I would be worried PIB, the tim websites have us out the Champions league and them in it, ten points taken off of us, our whole first team squad sold, them getting ten in a row and then us going out of business....You know how accurate they are concerning our club.... I don't dirty mine eyes or mind with there shites, sorry I meant sitesExactly mate!Was always a big pile of toss, easily seen when you look at a - The rag it was inb - who wrote it! Link to post Share on other sites More sharing options...
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