Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

HMRC lodges appeal against Rangers tax ruling

HMRC lodges appeal against Rangers tax ruling

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.

Leave a comment
Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter