Rangers confident of winning tax tribunal
The owner of the Glasgow football club says he is confident they will win the £60m tribunal
The owner of the Glasgow football club says he is confident they will win the £60m tribunal
THE OWNER OF Rangers FC has said he is confident the club will not have to pay any compensation in its upcoming court case regarding the use of Employee Benefit Trusts (EBTs).
Estimates on the total liability Rangers faces goes up to £60m. HM Revenue & Customs claims to be owed £24m in unpaid PAYE due to the club using EBTs, which provide employees with non-repayable interest free loans and were the target of the disguissed remuneration legislation in this year’s Finance Bill.
Craig Whyte, who has recently purchased the club, told Rangers TV that he is confident Rangers will win the case.
“At this moment, there is no liability to HMRC,” Whyte said. “There is a tax tribunal which has been going on for some time.
“Our advice is that we are going to win the case. I’m confident we are going to win the case and that there will be no liability there. That’s not going to be determined for a while yet but I’m very confident that we are going to win the case. It’s something we got into in quite a lot of detail. I’ve spoken to the legal counsel dealing with the case. He’s very confident that we are going to win the case.”
More about:
The numbers you crunch tell a story. Your expertis...
13yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View articleStricter controls on VAT compliance is set to shut down the “colossal” VAT tax gap. Read More...
View articleThere has been a percentage increase in the number of claims made by companies, but more needs to be done Read More...
View articleThe Targeted Anti-Avoidance Rule was introduced to prevent individuals lowering their tax liability by converting what would otherwise be a dividend i...
View articleIn 2016-17, the average length of time to settle a tax investigation rose to 34 months, up from 31 months in 2015-16. The tax authority has also incre...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe report suggests a wide range of reforms focussed on bringing together corporation tax and accounts, including creating five year roadmap for CT re...
View articleIn 2012, HMRC made 591 requests to foreign governments. In 2016, this number stood at 1096, a 7% increase on 1025 requests made in 2015 Read More...
View article