rangersxfc 265 Posted April 3, 2012 Share Posted April 3, 2012 Submitted by WG on Mon, 12/03/2012 - 07:59Manchester United have settled a multimillion tax bill arising from a dispute on image rights. Such rights allow a player to receive a proportion of his salary in a separate company, often offshore, which incurs significantly lower rates of tax in the form of corporation tax at 26 per cent instead of the top rate of income tax at 50 per cent. Eric Cantona was one of the first players to recognise the value of his image off the field.United is not expected to reveal how much it has settled for, but it is thought to be less than the £6.4m paid by Chelsea. In a bond issue prospectus two years ago, United said its potential tax contribution was £5.3m but this related to national insurance contributions.Like most clubs United has an indemnity clause in players' contracts that would require the player to reimburse the club for image rights claims by the tax authorities. However, clubs may choose not to pursue the debt but simply write it off.A 2010 court case between Wayne Rooney and his former agent revealed that he received £1.5m in image rights under his old contract with United, representing nearly a quarter of his salary at the time. While Revenue & Customs has accepted that a player of Rooney's standing could command substantial image rights fees, the debate has been about what constitutes a reasonable proportion of total salary. For example, Sol Campbell at Portsmouth had a deal worth £1.56m a year.This remains a grey area, although there will be closer monitoring of the number of promotional appearances a player makes for his club. Clubs will have to account for individual appearances of players on behalf of their sponsors.Most Premiership clubs have now settled tax liabilties from 2004 to 2010. One club which is yet to settle is Manchester City.funny why there is no talk of taking away man utd titles eh Quote Link to post Share on other sites More sharing options...
Smile 26,624 Posted April 3, 2012 Share Posted April 3, 2012 Submitted by WG on Mon, 12/03/2012 - 07:59Manchester United have settled a multimillion tax bill arising from a dispute on image rights. Such rights allow a player to receive a proportion of his salary in a separate company, often offshore, which incurs significantly lower rates of tax in the form of corporation tax at 26 per cent instead of the top rate of income tax at 50 per cent. Eric Cantona was one of the first players to recognise the value of his image off the field.United is not expected to reveal how much it has settled for, but it is thought to be less than the £6.4m paid by Chelsea. In a bond issue prospectus two years ago, United said its potential tax contribution was £5.3m but this related to national insurance contributions.Like most clubs United has an indemnity clause in players' contracts that would require the player to reimburse the club for image rights claims by the tax authorities. However, clubs may choose not to pursue the debt but simply write it off.A 2010 court case between Wayne Rooney and his former agent revealed that he received £1.5m in image rights under his old contract with United, representing nearly a quarter of his salary at the time. While Revenue & Customs has accepted that a player of Rooney's standing could command substantial image rights fees, the debate has been about what constitutes a reasonable proportion of total salary. For example, Sol Campbell at Portsmouth had a deal worth £1.56m a year.This remains a grey area, although there will be closer monitoring of the number of promotional appearances a player makes for his club. Clubs will have to account for individual appearances of players on behalf of their sponsors.Most Premiership clubs have now settled tax liabilties from 2004 to 2010. One club which is yet to settle is Manchester City.funny why there is no talk of taking away man utd titles ehIts because they dont have the same jealous scum we have up here.The filth used image rights and ebts to the max cant wait till the HMRC comes a knocking. Quote Link to post Share on other sites More sharing options...
Thermopylae 15,288 Posted April 3, 2012 Share Posted April 3, 2012 I hope whoever is the new owner is prepared to fight our corner because our scummy enemies smell blood Quote Link to post Share on other sites More sharing options...
nachothelegend 1,932 Posted April 4, 2012 Share Posted April 4, 2012 Its because they dont have the same jealous scum we have up here.The filth used image rights and ebts to the max cant wait till the HMRC comes a knocking.The same reason why a Newco Rangers would get Sanctioned to shreds up here . Quote Link to post Share on other sites More sharing options...
colin 18 Posted April 4, 2012 Share Posted April 4, 2012 I hope whoever is the new owner is prepared to fight our corner because our scummy enemies smell blood So the blood they smell is their own because " WERE UP TO OUR KNEES IN FENIAN BLOOD " so fuck them Quote Link to post Share on other sites More sharing options...
Thermopylae 15,288 Posted April 4, 2012 Share Posted April 4, 2012 They will get carried away with themselves as they always do and that's when they start making mistakes Quote Link to post Share on other sites More sharing options...
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