Rangers investigated

[OneJamesMcCarthy]

Oh dear...

http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/8647085.stm

[Juice Terry]

. Shut the scum down.

[Mr Hahn]

I said in a previous thread that no football fan should wish another to go out of business. I partially retract this statement.

[HibeeJibee]

BBC Scotland has learned that the investigation relates to payments made into offshore accounts.

"There is an ongoing query raised by HMRC, which is part of a pending court case," the club said in a statement.

On the basis of expert tax advice provided to Rangers, the club is robustly defending the matters raised.

Far too early to know anything for sure, but would the implication here perhaps be that they've been tax "dodging" but believe they have used a legal loophole to do so? If IT results in RFC being handed a retrospective tax demand, from (the voracious) HMRC, and ending up in court... one can only wonder...

[HibeeJibee]

http://www.eveningti...ngers-1.1023503

Rangers today confirmed they are under investigation from HM Revenue and Customs over offshore payments made to players.

The case could see the club hit with a backdated tax bill running to millions of pounds.

...

the club is "unsellable" unless any prospective buyer is given a written warranty that any sums owed to HMRC – once the investigation is complete – will be picked up by its banker, Lloyds, or the club's owner, Murray International Holdings.

The payments, which began a decade ago to some of Rangers biggest stars, are believed to have been made into an employee remuneration trust.

...

Rangers also used employee remuneration trusts to pay monies into offshore accounts of several players over the past decade.

The bill for this, when HMRC complete its investigations, could be double figures in the millions

The plot thickens further. Interesting trick though, suggesting that the government-part-owned Lloyds Bank should pick up the tax evasion tab...!!

If this is the same tax-avoidance loophole utilised at Portsmouth and so on, then the presumption would be a writ might be heading Ibrox way...

[Fife Saint]

Mm-hmm...

[HibeeJibee]

Mm-hmm...

Can someone dig out a picture of the Gers loyal proudly flying their "Union Jacks" and so on, or perhaps in mid-verse of a remdition of "God Save the Queen"?

As it is must, after all, be with great pride - that they find themselves under investigation by Her Majesty's Revenue & Customs !!

[Fife Saint]

Simples, that pretty much covers it.

[LOL @ Celtic]

Champions

[madwullie]

Beyemistic has a new alias I see.

[Burma]

http://topics.treehugger.com/article/0atg9eAg0Q9v4

Rangers are reportedly being investigated by HM Revenue and Customs over alleged offshore payments made to players to avoid paying tax. It is thought that the SPL champions, currently around £30 million in debt, could face a demand to pay back millions in unpaid taxes.

It was revealed on Sunday that several SPL clubs were under investigation for paying players through non-taxable means, including payments from trust funds based in tax havens and money for image rights.

Now Rangers have been named as one club formally under investigation for paying players over the past 10 years through a special remuneration trust.

“The club can confirm that there is a ongoing query raised by HMRC which is part of a pending court case,” Rangers told the Evening Times in a statement.

"On the basis of expert tax advice provided to Rangers, the club is robustly defending the matters raised. It would be therefore be inappropriate to comment further at this stage.

“There is endless speculation about the future of the club, much of it ill-informed. It is to no-one’s benefit to comment on every speculative opinion.”

[graeme_p]

The Rangers investigation is a bit more specific than most of the stuff HMRC are doing at the moment but on the whole HMRC have got all big football clubs in their sights.

They have set up a special department/team/section to look into the tax avoidance schemes that football clubs use.

This ranges from avoiding NI on staff payments to under accounting for earned income.

One of the papers carried a story last week about the use of image rights payments and the granting of loans to players.

The whole operation is going to be huge and will see some of the accounting practices used at the really big clubs questioned. A lot of foreign players avoid tax by using clever schemes off-shore.

[YIBBIDAY YABBA]

[Burma]

Wouldnt laugh too soon if I were you.

[Pride Of Scotland]

While not a good thing for Rangers given the current state the club finds itself in financially, other clubs will be investigated with regards to this as well.

No doubt someone is going to be left picking up a massive bill at the end of this but the question is who?

[Owsley]

Champions

Cheats. Spending money you don't have.

[Pride Of Scotland]

Cheats. Spending money you don't have.

Nae dough - 2 in a row.

[Sherrif John Bunnell]

I hope Auld Lizzie is aware that she is being robbed by her own loyal subjects. Send them to the Tower of London!

[Buddie Holly]

Nae dough - 2 in a row.

Even less dough when the Tax Man is finished with you.

[Pride Of Scotland]

Even less dough when the Tax Man is finished with you.

And who says Rangers will be left picking up the tab?

Settle yourself down.