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Club Statement on FTTT


Ger_onimo

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http://www.rangers.co.uk/news/headlines/item/2515-statement-on-tax-tribunal

THERE has been growing speculation recently that an announcement from the First Tier Tax tribunal is imminent.

The Club has no knowledge of when such an announcement will be made. However, the Club as it now stands as part of The Rangers Football Club Ltd. has been informed by Her Majesty's Revenue and Customs that any decision by the First Tier Tax Tribunal will not affect the operations of The Rangers Football Club Ltd.

This tax liability which is under consideration by the Tribunal is historic and was a matter for The Rangers Football Club plc ('oldco') which is in administration and will be subject to liquidation in due course.

The Rangers Football Club Ltd. is a corporate entity formed following the acquisition in June this year by a consortium led by Charles Green of the business and assets of Rangers, including the Club and its honours.

Unpaid tax liabilities led to the demise of 'oldco' and the EBT arrangements were part of 'oldco's' liabilities. As HMRC stated in June when they decided to vote against the proposed oldco CVA, no tax liabilities relating to 'oldco' would transfer across to the new company. HMRC have recently reaffirmed this position to the Club's tax advisers, Deloitte.

The Rangers Football Club Ltd. is a company free of external debt and all liabilities relating to 'oldco' are a matter for the administrators.

The impending decision of the First Tier Tax Tribunal once again calls into question the validity of the SPL Commission into the use of EBTs. They are clearly a matter for the old company and The Rangers Football Club is trying to rebuild as a great sporting institution.

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Of course it effects us!

Should Rangers receive a favourable outcome then all this would have been for nothing! Whyte and Hmrc nearly fucked us over!

If Rangers do get the favourable result then serious questions need answered

Not for nothing mate. Craig Whyte did fuck us. We went through all this because he never paid tax. Administration was nothing to do with FTTT

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Of course it effects us!

Should Rangers receive a favourable outcome then all this would have been for nothing! Whyte and Hmrc nearly fucked us over!

If Rangers do get the favourable result then serious questions need answered

without the EBT tax issue, Whyte still fucked us over with the PAYE.

this would only have been for nothing had murray kept us running until the verdict is passed and we were cleared. But even then we were still in debt and run in a financially precarious position.

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