Cadman 342 Posted November 20, 2012 Share Posted November 20, 2012 http://m.local.stv.t...tially-reduced/Neil Patey, Ernst & Young, said: "By a majority of two to one, the tribunal has decided that the EBTs were loans and not taxable as remuneration so there is no additional tax to pay. Rangers have won the case." Quote Link to post Share on other sites More sharing options...
trueblue68 2,497 Posted November 20, 2012 Share Posted November 20, 2012 A tax tribunal has ruled that payments made to some Rangers players through trusts were loans and any bill is likely to be "substantially reduced" from the initial £46.2m assessment.The three-person First Tier Tax Tribunal could not reach a unanimous decision on the club's use of Employee Benefit Trusts between 2001 and 2010.It found most of the trusts were "valid" and loans are "recoverable" by the trust, although it conceded some advances to players were taxable.A statement from the tribunal said: "This was a lengthy appeal, heard over 29 days and set down over an extended period. There was extensive reference to documentary productions and relevant case-law."At a late stage in its deliberations it became clear that the Tribunal would be unable to issue a unanimous decision. It is conscious of and regrets the consequent delay."The majority view reflects the argument that the controversial monies received by the employees were not paid to them as their absolute entitlement. The legal effect of the trust/loan structure is sufficient to preclude this. Thus the payments are loans, not earnings, and so are recoverable from the employee or his estate."The dissenting opinion adopts the approach set down by the decision of the House of Lords in Ramsay in 1981. By giving regard to the intentions of the parties entering the arrangements, and in the absence of commercial reality for the loan structure, the monies received by the employees via the trust constitute earnings for income tax purposes."At the request of Parties the Tribunal agreed to anonymise the published form of the decision."Neil Patey, Ernst & Young, said: "By a majority of two to one, the tribunal has decided that the EBTs were loans and not taxable as remuneration so there is no additional tax to pay. Rangers have won the case."A spokesperson for Sir David Murray, owner of the club through the period in question, said: “We are satisfied that the Tax Tribunal has now published its widely awaited decision and note the contents thereof."We are pleased with the judgement which leaves minimal tax liability and overwhelmingly supports the views collectively and consistently held by our advisers, legal counsel and MIH itself."This has been an exceptionally long, difficult and expensive process involving not just the Tax Tribunal but also significant efforts to resolve the matter with senior HMRC officials on a commercially sensible basis for all parties. We will therefore review the detailed content of the decision with our advisers and legal counsel to ascertain what action, if any, is now required by MIH."While MIH has at all times respected the privacy of the Tax Tribunal proceedings, a substantial quantity of confidential information relating to the case has become available for public consumption stimulating considerable discussion and often ill-informed debate. This has been wholly inappropriate and outwith the fundamental principles of natural justice."We therefore formally request that the relevant authorities investigate how these sensitive details have been released so widely. We have instructed our lawyers to retrospectively review online and printed publications relating to the case to identify whether legal redress is either appropriate or necessary."Rangers had been found by HM Revenue and Customs (HMRC) to have breached tax rules through their use of employee benefit trusts (EBTs) to pay players and directors between 2001 and 2010.The Ibrox club, then under the ownership of Sir David Murray, contested this, which resulted in the case being heard at the tribunal in Edinburgh.Hearings in the tax case concluded in January, but its findings were not reached by the time the Ibrox club plunged into administration on February 14 this year. Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted November 20, 2012 Share Posted November 20, 2012 Nae foreplay or nothing tonight for her...Straight up to the incest room for a roasting fit for Christmas day.At least it puts an end to those alleged homosexual remarks about him. Quote Link to post Share on other sites More sharing options...
elephants stoned 2,994 Posted November 20, 2012 Share Posted November 20, 2012 Fucking official! So where does that leave the sphell and sfarses witch hunt against us? Quote Link to post Share on other sites More sharing options...
cushynumber 25,178 Posted November 20, 2012 Share Posted November 20, 2012 Neil Patey, Ernst & Young, said: "By a majority of two to one, the tribunal has decided that the EBTs were loans and not taxable as remuneration so there is no additional tax to pay. Rangers have won the case." Quote Link to post Share on other sites More sharing options...
ally4eva 0 Posted November 20, 2012 Share Posted November 20, 2012 YYYYeeeeeesssss!! :7325: Quote Link to post Share on other sites More sharing options...
We Will Follow Rangers 12,921 Posted November 20, 2012 Share Posted November 20, 2012 Neil Patey, Ernst & Young, said: "By a majority of two to one, the tribunal has decided that the EBTs were loans and not taxable as remuneration so there is no additional tax to pay. Rangers have won the case." Quote Link to post Share on other sites More sharing options...
StrongbowLoyal. 36 Posted November 20, 2012 Share Posted November 20, 2012 I am over in Antwerp and said briefly on the news that Glasgow Rangers secure majority 2:1 victory in Tax tribunal.More news to follow @5pm Quote Link to post Share on other sites More sharing options...
Edmiston Drive 3,846 Posted November 20, 2012 Share Posted November 20, 2012 :matron:Can we move this from the Bears Den, so Casey can post Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted November 20, 2012 Share Posted November 20, 2012 I've not heard anything anywhere else. Quote Link to post Share on other sites More sharing options...
Ferdasyn 431 Posted November 20, 2012 Share Posted November 20, 2012 Wow. So If Whyte had paid Taxes we'd be nowhere near this mess. Quote Link to post Share on other sites More sharing options...
BornBlue 2 Posted November 20, 2012 Share Posted November 20, 2012 Dhelacunt was spewing reading this out on Clyde. Needless to say the dissenting opinion was highlighted rather than the two opinions in Rangers favour. Media in this country truly disgust me. Quote Link to post Share on other sites More sharing options...
SaneBear 46 Posted November 20, 2012 Share Posted November 20, 2012 Craig Shyte was seriously out of his depth from day one. The sooner this reptile is behind bars the better.Onwards and upwards. Quote Link to post Share on other sites More sharing options...
ForeverBlue_Since91 2,895 Posted November 20, 2012 Share Posted November 20, 2012 WIll Rangers release a statement on this to let people know what the fuck is actually going on? Quote Link to post Share on other sites More sharing options...
subcrawl 43 Posted November 20, 2012 Share Posted November 20, 2012 Yessss!!!!but......does that mean we went through all this shite for nothing? Quote Link to post Share on other sites More sharing options...
Fools Gold 488 Posted November 20, 2012 Share Posted November 20, 2012 You fucking dancer, all the Timothy's will be weeping tears of sorrow.As for all those fucking Radio Snyde callers calling us cheats, etc: GET. IT. RIGHT. UP. YOU. Quote Link to post Share on other sites More sharing options...
The Godfather 71,895 Posted November 20, 2012 Share Posted November 20, 2012 Scotland correspondent for BBC News James Cook on Twitter: "Tribunal: 'payments are loans, not earnings, and so are recoverable from the employee or his estate.' Tribunal finds a loan scheme used by Rangers to reward some players and staff over nearly a decade was not in breach of tax law." Quote Link to post Share on other sites More sharing options...
Gillete 1,338 Posted November 20, 2012 Share Posted November 20, 2012 I honestly feel like crying (happy)This is for our future generations over the yearsWe needed this Delighted Quote Link to post Share on other sites More sharing options...
Craigie79 67 Posted November 20, 2012 Share Posted November 20, 2012 While MIH has at all times respected the privacy of the Tax Tribunal proceedings, a substantial quantity of confidential information relating to the case has become available for public consumption stimulating considerable discussion and often ill-informed debate. This has been wholly inappropriate and outwith the fundamental principles of natural justice."We therefore formally request that the relevant authorities investigate how these sensitive details have been released so widely. We have instructed our lawyers to retrospectively review online and printed publications relating to the case to identify whether legal redress is either appropriate or necessary."Interesting. Quote Link to post Share on other sites More sharing options...
Dutchy 1,200 Posted November 20, 2012 Share Posted November 20, 2012 BBC hadn't much to say about it, unlike all they had to say before the decision was in the works.Personally, I'd like to see Craig Whyte jailed for his part in this rubbish as well as Llyods bank brought to book for their part in it all. Basically, they forced Murray to sell to Whyte as he was the only one willing to bid with all the tax troubles.Anyway, SFA will happen, especially from the SFA. The SPL should be broken up now. Quote Link to post Share on other sites More sharing options...
The Godfather 71,895 Posted November 20, 2012 Share Posted November 20, 2012 Scotland correspondent for BBC News James Cook on Twitter: "Tribunal: 'payments are loans, not earnings, and so are recoverable from the employee or his estate.' Tribunal finds a loan scheme used by Rangers to reward some players and staff over nearly a decade was not in breach of tax law." Quote Link to post Share on other sites More sharing options...
ritchieshearercaldow 22,137 Posted November 20, 2012 Share Posted November 20, 2012 So where do we stand now?The oldco was seen as toxic because of this potential massive tax bill, we have been acused and vilyfied over this.Surely the club could have paid the debts (even Whytes) if this had been sorted long ago?We've been through hell and someone should pay Quote Link to post Share on other sites More sharing options...
bluenosebrad 452 Posted November 20, 2012 Share Posted November 20, 2012 Does this mean that they are going after PPL who leaked this case to the press etc???? Quote Link to post Share on other sites More sharing options...
andy500 463 Posted November 20, 2012 Share Posted November 20, 2012 What an absolute joke.So how much did we actually owe to creditors? After all, didn't we offer £8m? We owed £9m to HMRC for Craig Whyte being a cunt, and minimal amounts elsewhere I'd imagine. We could have offered maybe 75p+ in the pound and been rejected essentially?What a fucking mess. Quote Link to post Share on other sites More sharing options...
Iron Curtain 60 Posted November 20, 2012 Share Posted November 20, 2012 Great news for Murray at least.Terrible news for the players, and we still have to argue the unregistered player payments remember.We are in Div 3 for no good reason, I think HMRC should be sued. Quote Link to post Share on other sites More sharing options...
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