BTC - Rangers win the appeal

[Chef 436]

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.

it's now time for the tide to turn, not only.moles in hmrc but those bloggers who like to remain anonymous all whilst spreading fictitious nonsense.

[elephants stoned 2,994]

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.

The likes of the Failed Social Worker and the Failed Miners Lawer will be stringing themselves up tonight.

[trueblue68 2,497]

BBC reporting it properly for a change

he former Rangers Football Club has won an appeal against a tax bill over its use of Employee Benefit Trusts.

The club, which is now in liquidation, used the scheme from 2001 to 2010 to make £47.65m in payments to players and staff in the form of tax-free loans.

HM Revenue and Customs had challenged the payments, arguing that they were illegal.

Rangers disputed the bill and a First Tier Tax Tribunal (FTT) has ruled the payments were loans that can be repaid.

[TheKingObv 10,646]

What exactly does this mean then?

[Big Al 55 9,252]

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.

Ticketus £24M is the real issue now, regardless of that all CW's doing.

[The Godfather 71,893]

"We are in Div 3 for no good reason, I think HMRC should be sued. "

We can hold our heads up high though, see this morale high pish they all go on about...it stops now.

We didn't cheat.

[nelsonRFC82 305]

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.

Too fucking right!

[The Godfather 71,893]

http://www.bbc.co.uk/sport/0/football/20412919

[Edmiston Drive 3,846]

Ticketus £24M is the real issue now, regardless of that all CW's doing.

Ticketus £24M is the real issue now, regardless of that all CW's doing.

That's a strange post to make.

[Marco Negri's Beard 1,423]

Nothing on SSN so far, keep your eyes pealed though.

they are on the ball as ever!

[Don81 2,837]

Is there any chance of going back and offering pence in pound to remaining creditors of oldco. Would there be any point??

Ticketus £24M is the real issue now, regardless of that all CW's doing.

[ritchieshearercaldow 22,137]

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.

My thoughts exactly.

Question is who is going to pay for our pain

[RFC55 108,935]

That's a strange post to make.

he's a strange yin anyway ED!

Maybe he's waitin on the wummin getting back in tae slap her around! This is tough for the fenians yae know

[andy500 463]

Ticketus £24M is the real issue now, regardless of that all CW's doing.

Didn't Ticketus say they would chase Whyte for that, rather than ourselves - because he had a clause that made him liable for it.

[colinwilkie1 1]

cant wait to hear the sphellz panels response to this fukin whyte hang him high

[The Godfather 71,893]

HMRC on Rangers tax case

"We are disappointed that we have lost this stage of the court process and we are considering an appeal.

"The decision was not unanimous and the diligence of HMRC investigators was acknowledged by the whole tribunal.

"HMRC is committed to tackling avoidance and it is right that we challenge the type of avoidance seen in this case."

[The Godfather 71,893]

HMRC on Rangers tax case

"We are disappointed that we have lost this stage of the court process and we are considering an appeal.

"The decision was not unanimous and the diligence of HMRC investigators was acknowledged by the whole tribunal.

"HMRC is committed to tackling avoidance and it is right that we challenge the type of avoidance seen in this case."

[AlBear. 8,499]

Ticketus £24M is the real issue now, regardless of that all CW's doing.

Didn't he give 'personal assurances' for the loan, not connected to the club?

[Iron Curtain 60]

"We are in Div 3 for no good reason, I think HMRC should be sued. "

We can hold our heads up high though, see this morale high pish they all go on about...it stops now.

We didn't cheat.

Correct mate. Did Murray cheat our own players though?

This has some way to run.

[Big Al 55 9,252]

That's a strange post to make.

Why is that?

It was within the context of possibly merging the not yet fully liquidated oldco, if deemed there was any benefit. Then I realised there was the £24M ticketus liability.

[The Godfather 71,893]

Yes, it is not all over yet. The fallout from this will not probably lead to an appeal by Her Majesty's Revenue and Customs but will now be examined by the Scottish Premier League, the Scottish Football Association and former employees, directors and players of the club.

BBC spin

[Dutchy 1,200]

I'm dishing out the reps lads, because I'm drunk with joy that we were innocent all along.

As long as HMRC doesn't pull me up, I'm good. lol lol lol

[elephants stoned 2,994]

HMRC on Rangers tax case

"We are disappointed that we have lost this stage of the court process and we are considering an appeal.

"The decision was not unanimous and the diligence of HMRC investigators was acknowledged by the whole tribunal.

"HMRC is committed to tackling avoidance and it is right that we challenge the type of avoidance seen in this case."

Fucking idiots they should accept defeat with good grace and concentrate on REAL tax evaders/avoiders like Vodafone, Google, Amazon ect ect.

[Sea Bear 283]

Ticketus £24M is the real issue now, regardless of that all CW's doing.

Really strange, turned down by D&P as not creditors by legal counsel an fk all to do with us.

[The Godfather 71,893]

Yes, it is not all over yet. The fallout from this will not probably lead to an appeal by Her Majesty's Revenue and Customs but will now be examined by the Scottish Premier League, the Scottish Football Association and former employees, directors and players of the club.

BBC spin