One of the aspects of The Rangers situation is the tax owed to HMRC because Rangers operated some kind of offshore payment method for their players and did not withold Income Tax and NI from those players for some part of their salaries. Rangers have been in battle with the HMRC for several years over this and the tribunal set-up to determine the legality of such a scheme is due announce it's finding very soon. It is thought the Rangers have seen the draft version of the findings and that they have been found to have acted illegally and have to pay all of what is due, that is why Rangers have announced their intention to go into admin. If this is really the case, this will set a precedent and any other club found to be operating a similar scheme will also be shown to acting illegally - the speculation now is the number of other clubs that may be impacted. This could be a VERY BAD week for football in Britain..
please log in to view this image A picture from a football game between KA and Ãór from one week ago. KA won 3:2, húrra. The game was played inside a sports hall.
In view of what has been going on with Rangers and Pompey, this bit came from Sky. Steve Cotterill has confirmed that the fate of Nottingham Forest is set to be decided at a potentially pivotal meeting on Wednesday.The Reds are sweating on their financial future following the tragic passing of owner Nigel Doughty. He had pumped almost £100million into the club during his time at the helm, with over £75million owed to him in loans at the time of his death. If those loans were to be called in, Forest would face financial meltdown. They are set to be made aware of the terms of Doughty's will in midweek, with club officials due to meet with top lawyers in what Cotterill is hoping will be a productive discussion.
Last time I read up on Forest he was pumping £1m a month into them. Under most circumstances I would laugh at what Forest have done with the money, given that it is more than our entire turnover. But the very real possibility of them going bust is no laughing matter.
Researchers at the University of Cambridge have worked out something that eight year old girls seem to have known for at least as long as I've been around. http://www.bbc.co.uk/news/science-environment-17012795
With regards to Forest, I imagine he would have requested the debt be written off, maybe fund them until the end of the season, possibly the next, but then to find a new owner! Shows what can happen when funding has been pulled for one reason or another. I'm pretty sure the Forest fans were complaining about how little money he made available to the team!
I believe this is what happened to Gretna and look where they ended up, but I suppose it will depend on any conditions Nigel Doughty left in his estate - but I cannot see that they will be written down..
Afternoon all. Its been a busy day already and its only 2:30!! I got up at 8:30 to have breakfast and get ready to catch the train to Peterborough where i met Kiri. We then went and had a chat and exchanged gifts. Then we went wandering around the city center. Just got home and about to leave for my spiritual home! COYH!!!
If that's the case, why are HMRC chasing Rangers for the money - surely the tax debt belongs to those who received/earned the money? I know HRMC are a law unto themselves, but can they really retrospectively change a tax law? If they have had to argue this case for years, and take it to a tribunal, then surely the fault is their own for not making their rules rules clear in the first place?
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