Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter