So many innacuracies or outright lies that I can't be arsed highlighting them all, feel free to pick the bones out yourself though. So many of the decisions made in the past eight months were shaped by the assumption that the Ibrox club was guilty of mis-administering a tax avoidance scheme on such a grand scale that some people were emboldened to demand that the five league titles won during the club's use of Employee Benefit Trusts should be stripped away. Rangers were accused of spending money they could not afford, of not paying taxes due on the EBT payments from 2000 to 2010, and of player registration breaches, so that the club became vilified. The FTT verdict has turned most of those assumptions back around again. Questions arise about so many aspects of the club's move into administration then liquidation that Paul Murray, the former Ibrox director, has called for a full inquiry. That will take place, since the liquidators, BDO, have full powers to investigate every aspect of the club and the events that consumed it, reaching right back to Donald Muir joining the board and the chain of events that led to Craig Whyte buying the club from Sir David Murray for £1, while paying the £18m owed to Lloyds Bank with money that he turned out to have borrowed against season ticket sales from Ticketus. David Murray has always denied that he was forced to sell the club to Whyte, but others believe that Lloyds were keen to offload the club. The result of the big tax case remains a deeply significant moment, though, even if there is no material effect on the club, since it is now owned by The Rangers Football Club, which was formerly known as Sevco. Last summer, an early draft of the five-way agreement among the SPL, the SFL, the SFA, oldco Rangers and newco Rangers included the club having to agree to titles being stripped, which Ally McCoist and the directors refused to accept. In light of the FTT verdict, that seems a prejudicial stance for the SPL to have taken, and has rightly prompted anger among Rangers supporters about the independent commission which is to sit early in the new year and judge whether or not the way the club administered the EBTs constitute a breach in player registrations. The commission has, in theory, 18 possible sanctions to choose from if Rangers were to be found guilty, but the club was asked in the summer to accept title stripping, the severest punishment of all. The fact that the FTT ruled that the EBT payments were discretionary loans would point to Rangers being found not to have breached registration rules, but some EBTs were due tax and so there is still no clarity. There are other issues raised, though. Administrators Duff & Phelps admitted Her Majesty's Revenue and Customs on to the creditors' list for the full potential amount of the disputed tax bill, penalties and interest, a figure they estimated at around £75m, before increasing that valuation for the final creditors' report to around £90m. This essentially allowed HMRC to rule on the Company Voluntary Arrangement vote, since they held the majority of the debt, and the tax man rejected the proposal, sending Rangers oldco into liquidation. Yet an experienced insolvency practitioner has told Herald Sport that his view was that "HMRC should have been admitted to vote on the token sum of £1, although in due course they would have ranked for payment in whatever full sum was decided upon by the FTT". This would have left the fate of Rangers oldco in the hands of Ticketus, the other major creditor, who voted in favour of a CVA. In the investigation that follows, it is likely that the work of Whyte and Duff & Phelps will come under the closest scrutiny. Given the cost of the insolvency process, the cost of SPL, SFA, UEFA proceedings and costs related to the SFL application, the losses to creditors, the losses to shareholders, the losses to debenture holders, the loss of transfer fees through players leaving as free agents, the loss of future SPL revenues, the loss of European revenues, and the loss of reputation, the entire process has cost significantly more than £50m. Yet it ought to have been avoidable, and legitimate questions can be asked why it took the FTT so long to come to a judgment on the big tax case, and why HMRC allowed Whyte to remain in charge of Rangers for so long while not paying PAYE. Supporters of the Ibrox club can take comfort from the FTT decision, but it also raises a number of serious questions. http://www.heraldscotland.com/sport...-conclusion-raises-serious-questions.19493299
http://www.not606.com/forumdisplay.php/6-Rangers You have no interest in Celtic. You don't want to talk about Celtic. Remember when you said that? Twat
It's on the CELTIC board. He has no interest in Celtic. His words, not mine. And yet he's posting on the Celtic board. Again. Don't try and be a smart arse. It doesn't suit you.
Compare and contrast with the sycophancy we're used to reading. http://blogs.channel4.com/alex-thomsons-view/great-rangers-tax-avoidance-scheme/3227 ...and, for an actual chartered tax expert's view (and this is a proper illuminating read) http://www.mlmsolutions.co.uk/Blog/...iser-hmrc-rangers-big-tax-case-judgement.html
The second link looks to have collapsed I don't expect they're used to so much traffic on a tax blog.
Why are the Tims so fixated by the tax pish? If half of these bloggers and fans spent as much time and energy trying to something constructive with their lifes instead of scouring the interweb for the most boring of pish ever to do with a sport, then most of them would be multi-millionaires. FFS, Bibs worse than Weeble when it comes to this pish. Why the mega interest in the tax dealings of a liquidated company?
Just a guess, but maybe because of all the sanctimonious "We won" pish that is now being trumpeted around?
Well that's plainly wrong considering that the Tims have been ****ing to RTC* for the past year and a bit. *(RTC = Reverse Tango Conspiracy)
I think we are all lost to be honest. Searching for something that we shall never know. Thats the way life is meant to be. No absolutes.
Five of the first six of the threads on the Rangers board are about the tax case. Unbelievably, some of you think this amounts to being cleared of double contracts "So, did we cheat, eh? Did we cheat, payments were legal." etc It's a massive deal. Panorama last night. Vodafone Starbucks Jimmy Carr (front page news for days) If people aren't pulling their weight, you get pissed off - if one of the organisations not pulling their weight is backed up by people who now somehow see some form of righteousness in tax avoidance as opposed to evasion, it's a boot in the baws to every PAYE punter in the country. Drivers get annoyed with cyclists for not paying road tax People pull up Sean Connery for not paying taxes in Scotland. I don't need to explain to you why dodging tax is an issue. I also don't need to explain why the use of something immoral to gain a sporting advantage is doubly repugnant in "sport". If you want to see ****ing, check the pish about "apologies" on the Rangers board.
You're a boring bastard, Bib. Try investing your time on something important instead of consuming yourself in the intricacies of tax law. If RTC can make a monumental **** of himself, when he seemed privy to a lot of confidential information, then a mere mortal like yourself doesn't stand a chance. PS - I've not paid any personal tax in about 5 years
You asked boring bastard question. It's amazing how your boredom levels are matched to partisanship. Don't ask boring (and stupid) questions if you're bored by the answers. Cheat
