Rangers Football Club 0 Posted October 30, 2012 Share Posted October 30, 2012 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 Read more on the official site... 0 Quote Link to post Share on other sites More sharing options...
frost 0 Posted October 30, 2012 Share Posted October 30, 2012 (edited) 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. http://www.rangers.co.uk/news/headlines/item/2515-statement-on-tax-tribunal ETA It is quite possible there may never be an announcement regards this case, HMRC have already stated that the club is not their target, individuals are. Edited October 30, 2012 by frost 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 30, 2012 Share Posted October 30, 2012 I wonder what excuse the SPL will come up for delaying their tribunal. 0 Quote Link to post Share on other sites More sharing options...
Jim1955 12 Posted October 30, 2012 Share Posted October 30, 2012 It's much more likely to be a "Pic'n'Mix" verdict some schemes might be judged unacceptable while others are judged acceptable, there will be no grand verdict. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 30, 2012 Share Posted October 30, 2012 The Rangers Football Club Ltd. is a company free of external debt and all liabilities relating to 'oldco' are a matter for the administrators. An interesting turn of phrase reminiscent of the Dr Death/Lieswell claims of "bank debt". I suppose the prospectus will reveal just what the "investors" have actually invested and actually loaned. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 30, 2012 Share Posted October 30, 2012 An interesting turn of phrase reminiscent of the Dr Death/Lieswell claims of "bank debt". I suppose the prospectus will reveal just what the "investors" have actually invested and actually loaned. I certainly hope so. 0 Quote Link to post Share on other sites More sharing options...
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