BusinessBusiness RecoveryTaxman plots Leeds United challenge

Taxman plots Leeds United challenge

HMRC furious at one pence in the pound deal offered by Ken Bates

HM Revenue & Customs is poised to challenge the deal offered by Ken Bates
at Leeds United, which will see creditors receive only one penny in the pound.

The taxman is owed £7m, and is said to be on the warpath over Bates’
proposal, which will see him regain control after putting the club into
administration at the end of last season.

An HMRC insider
told
The Daily Telegraph
: ‘We are furious at the raw deal we have got out of this
debacle. We are getting a penny in the pound for £7m of public money which
should be used to pay for hospitals and schools and other important public
services.’

Creditors have until next Tuesday to dispute the settlement. A meeting was
held yesterday, attended by economic secretary to the Treasury Ed Balls, to
discuss a possible challenge, the
Telegraph
said.

Further Reading:

Read
the Telegraph story

Bates
blames revenue for Leeds collapse

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