Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a656050
HMRC lodges appeal against Rangers tax ruling
by Brian Cantwell on Feb 05, 2013 at 13:49
HM Revenue & Customs (HMRC) has lodged an appeal against Rangers’ use of Employee Benefit Trusts (EBTs) to facilitate around £49 million worth of tax-free payments, The Herald Scotland has reported.
Three months ago a First Tier Tax Tribunal found in Rangers favour that this money was not liable to be taxed, as it was in the form of loans rather than wages.
The Herald reported the ruling as saying: ‘monies received by the employees were not paid to them as their absolute entitlement' and hence were not applicable for income tax and national insurance.
However the taxman, which originally argued the loans were in effect player and staff wages, and so liable to income tax and national insurance, has taken action on its pledge to fight the Tribunal's ruling and it will now be heard at the upper tax tribunal (UTT).
If HMRC is successful, a tax debt would be added to the millions left behind by the old club company, now known as RFC 2012.
News sponsored by:
Today's top headlines
More about this:
More from us
What others are saying
On the road
by Alex Steger on Dec 11, 2013 at 10:19