The taxman is set to reject Portsmouth Football Club’s plans to save itself
from collapse, as it regards the troubled club’s offer of 20p in the pound
return to creditors as too low.
“[Portsmouth Football Club] have offered 20p in the pound to creditors, which
we don’t regard as an acceptable return to the taxpayer,” an HMRC source told
Portsmouth is hoping to hammer out a Company Voluntary Arrangement (CVA),
giving the South Coast outfit the ability to carry on as a football club – with
a creditor meeting scheduled for next week.
The club needs 75%, or more, of creditors to vote in favour of the CVA for it
to be approved.
Because of the amount of money owed to the taxman, the agency holds 25% of
“We are determined to achieve a decent return to the taxpayer,” the source
HMRC had previously changed the first draft of a CVA as it wanted the proposal
to include a liquidation in order to investigate antecedent activities.
Accountancy Age revealed earlier this month that HMRC filed a writ
against the Premier League regarding its controversial “football creditors rule
The FCR essentially means all football creditors, including players and
managers will be paid in administrations, with the money usually deducted from
payments received through TV rights.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy