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Yet more tax woe....


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So lets look at the story.

 

Discredit Rangers - check.

Discredit anyone associated to Rangers - check

Discredit the Tories (the biggest Unionist party in Scotland) - check

Discredit things not associated to Rangers at the time, that happened years ago by the company now associated to Rangers - check

 

There must be people out there that can counter these people. They are all being led by a hate for Rangers/Unionism/Monarchy/Protestantism. This is not about sport or the "British tax payer" this is about the re-unification with the Romanists.

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So lets look at the story.

 

Discredit Rangers - check.

Discredit anyone associated to Rangers - check

Discredit the Tories (the biggest Unionist party in Scotland) - check

Discredit things not associated to Rangers at the time, that happened years ago by the company now associated to Rangers - check

 

There must be people out there that can counter these people. They are all being led by a hate for Rangers/Unionism/Monarchy/Protestantism. This is not about sport or the "British tax payer" this is about the re-unification with the Romanists.

 

Eh? Discredit the Tories? Do they not do a good job at doing that themselves?

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And the leaches went as far to capture a padlock in the foreground of a picture of Ibrox.. And I wonder why i don't buy papers any more....

 

neither do i mate. i get angry when i see other people buying them. my family are all well warned, none of us buy them.

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Will this one garnish the faux outrage too or does it get the official GersNet seal of approval?.....:ninja:.....:whistle:.....:rolleyes:

 

Alexi Mostrous, John Simpson and Alex Ralph

 

Published at 12:01AM, November 2 2012

 

 

 

Against a granite October sky, with rain whipping against the cars parked outside Clydeâ??s 8,000-seater Broadwood Stadium, Alan Harris looked proudly at the pins on his Rangers FC coat and remembered better, and warmer, times. â??Iâ??ve been at 29 of the last 30 away games in Europe,â? the former secretary of the Rangers Supporters Trust said on Sunday. â??This oneâ??s from Seville. I went to the Nou Camp, Barcelona.â?

 

Like other Rangers fans, Mr Harris is becoming reconciled to the Glasgow giantâ??s new place in the Irn-Bru Third Division. For a club used to playing world-famous derbies against Celtic and competing in Europe, battling on rain-sodden pitches against Clyde and other Third Division teams could be seen as a humiliation.

 

But for Mr Harris and the diehards in the corrugated iron stands at Clydeâ??s tiny stadium, the back-to-basics approach marks a chance to wipe clean the controversies of the past two years â?? the most bitter in Rangersâ?? history.

 

In May 2011, Rangers was sold for £1 by Sir David Murray after HMRC announced investigations into an alleged tax-avoidance scheme. It was forced into administration nine months later for failure to pay VAT and PAYE by the next owner, Craig Whyte. The Rangers Football Club Limited was created from the remaining assets by a consortium headed by the Yorkshire businessman Charles Green.

 

For many fans, the new owners represented a chance to start afresh. By 2015, the murmurs went, Rangers could be back in the Scottish Premier League with multimillion-pound TV rights.

 

â??Way before the Third Division, I had the attitude that we had done something wrong,â? Mr Harris said. â??We failed to pay PAYE and VAT the past season; we had to be punished in some way. Going into the Third Division â?? to me itâ??s a road to redemption.

 

â??Charles Green seems a very level-headed person. Itâ??s clear that heâ??s going to run the club like a business and he has plans for the club.â?

 

Mr Green, who has announced his intention to float Rangers on the AIM stock market before Christmas, told The Times last month that no one in his consortium was on â??Interpolâ??s list of bad guysâ?. He said that they had been vetted by a third-party company. Collectively, the clubâ??s biggest shareholder is Zeus Capital, the Manchester-based finance house that put together the Rangers deal. As of last month, employees of Zeus Capital owned about 16 per cent of the club. Two of its staff are employed as Rangersâ?? financial director and commercial director.

 

Richard Hughes, the founder of the finance house, owns 2.2 million shares in the new Rangers. Last month these equated to about 8 per cent of the club, but his share has since been diluted to about 6.8 per cent.

 

Mr Hughes and Mr Green have a relationship stretching back to 1996, when the latter was chief executive of Sheffield United. Mr Hughes, then a managing director for Apax, a forerunner to Zeus Capital, backed a deal to sell the English club.

 

Imran Ahmad, Rangersâ?? commercial director and managing director of Zeus Capital, said: â??I couldnâ??t have completed the Rangers deal without Richard.â?

 

While fans know Mr Green, they know little of Mr Hughes. â??I want to watch football, not read about tax schemes and court cases,â? said Jack Wilson, a Rangers fan. â??I donâ??t know much about these Zeus people ... I just hope they know how much this club means to us.â?

 

In 2006, Mr Hughes set up Zeus Partners as an offshoot of Zeus Capital to provide â??investment products to the private client marketsâ?. Zeus Partners has since sold a number of investment opportunities â?? in pharmaceutical and computer games companies and films, for example â?? to rich businessmen. These have generated millions of pounds in tax relief.

 

Several of these investments have been placed under scrutiny by HMRCâ??s special investigations department, which deals with non-criminal cases of suspected tax avoidance.

 

But one particular investment has been placed under criminal investigation. The case involves Zeus Partners and Seven Arts, a company run by Peter Hoffman, a veteran American film producer.

 

Mr Hoffmanâ??s previous company, Carolco Pictures, made Basic Instinct and Rambo. Seven Arts specialises in smaller, independent movies.

 

In an unconnected 2010 case involving a film deal in the High Court, a judge described Mr Hoffman as a liar who helped to forge documents for commercial advantage. â??It is disappointing to see an advocate of the California State Bar [Mr Hoffman is also a lawyer] being willing to tell lies,â? Judge Peter Smith said.

 

In 2008, Zeus Partners persuaded high-net-worth investors to put up £134 million in cash and loans to purchase eight films and library content from Seven Arts.

 

The deal was structured so that investors would double their money if the films performed at â??blockbusterâ? level. If they slumped, however, the investors would be able to claim tax relief on their worthless shares. An investorâ??s contribution could be ramped up by loans advanced through a bank owned by Seven Arts. The loan was secured on the companies that bought the pictures, rather than on the individual investors, meaning that investors were never personally at risk.

 

More than 160 high-net-worth individuals invested in the Zeus Partners deal, according to information at Companies House. They range from property developers to bankers to entrepreneurs, but each had to earn at least £100,000 a year to qualify.

 

Participants included Hugh Sloane, the hedge fund trader and major Conservative Party donor. Mr Sloane put in enough money to have one of the Zeus companies, Sloane Productions, named after him. The HMRCâ??s criminal investigation is not targeting investors, however.

 

There is no suggestion that Zeus Capital has marketed similar schemes to Zeus Partners.

 

At the end of the Clyde game last Sunday, the Rangers fans left happy at a 2-0 away win that cemented the clubâ??s place at the top of the Third Division. Off the field, however, the road to redemption may not be so clear cut.

 

alexi.mostrous@thetimes.co.uk

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