Court date set for HMRC and Premier League battle

by Rachael Singh

More from this author

06 May 2011

  • Comments
football-in-net-web

HMRC'S LEGAL SHOWDOWN against the Football and Premier League over their controversial insolvency rule has been set for November.

The taxman is battling to have the football creditor rule overturned because it believes the current regulation – which prioritises payments to players, managers and clubs in the event of an administration – is "unlawful". If a football club enters administration then all football creditors are paid in full with remaining funds then divided among secured and unsecured creditors.

In HM Revenue and Custom's High Court application yesterday, Mr Justice Newey granted a court date for 28 November.

He also allowed the Premier League permission to "intervene" and fight its corner in the proceedings because both divisions enforce the same rule.

Earlier this month, the taxman and the Premier League became embroiled in a Lehman Brothers Supreme Court case over insolvency principles.

The two sides made written submissions to the court, in which Lehmans Brothers' US administrators are battling to defend the insolvency principle that creditors should be treated equally.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.