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HMRC seek to appeal Rangers tax verdict (BBC)
I'm no legal expert, but it shouldn't be too difficult to establish if they were loans or not. Were any of them paid back? If not, they were earnings.
That's what the case was about. Two judges did indeed establish they were loans. The fact they haven't been repaid doesn't matter. The trusts making the loans may ask for their repayment and that, apparently, is good enough.
....although there is usually an argument of "substance over form" to be had. Despite the terms of the loans which, if they ask for repayment at all, probably say "repayable on demand". HMRC would need establish that it was 'understood' that no such demand would ever be made that understanding would become an implicit part of the contract.
It's a fallacy that everytining in a contract has to be in writing (save for certain specific types of contract) so if HMRC can persuade the appeal judges that the "understanding" existed that would be good enough to change the status of the transaction from "loans" to "pay".
They'd look at the whole thing. If the second "loan" were nothing of the sort the same thing would apply, although tax would only be payable on the payment at the time the second "loan" were made.
they've thrown their toys, rattle,dummy and comfort blanket out of the pram, with the cup tie at dundee utd, refusing to take their ticket allocation
if you can get on the website, then its all here
http://www.rangers.co.uk/news/headlines ... -statement
Pretty pathetic really.
So their aim for the future of Rangers is to destroy every other club in Scotland.
It seems both extraordinary that it isn't blatantly obvious to the judges, but at the same time I don't see much chance of any party to the agreements breaking a conspiracy of silence for personal gain. Although to be willing to appeal it I suppose HMRC must be confident they can show somehting like this.
I'd like them to attempt to carry this through, then they'll see that no other club in football needs them.
It was blatantly obvious to one of the judges - in fact her descenting opinion was twice as many pages in the judgement as the 2 judges that thought the scheme was OK.
Also they were found guilty in about 5 of the payments made to players, which when added to the £3m they still owed for illegal use of a discounted option scheme to pay players which they admitted to and the £9m from unpaid VAT & PAYE is still a lot they owe the taxman.
Other clubs are already seeing that they don't need them - SPL gates are typically up over last year with a more competitive league - half a dozen clubs in with a chance of a Champions League place.
It will be nice to see Dundee beat them and get the money from the next round to compensate any loss of gate money they fail to receive, leaving rangers even further in the ****
Rangers are slowing burning their bridges and pretty soon will realise that rangers need the other teams and not the other way around
The initial statement for the share issue on AIM:
Going to be in a new holding company - Rangers International Football Club plc - so supporters won't be buying shares in the club then!!
Shows that they've already had about £11m from institutional investors which is pretty good. Mike Ashley owns 9% of existing company. Also says that they will be playing at Ibrox and benefitting from the Murray Park training facility - so some other entity owns the properties!
I suspect that this is all a scam from Nigeria:
Saw some Rangers bod on SSN this morning explaining the reason for the boycott against Dundee United. Said something along the lines that the directors of this club continuously pushed for stronger punishments against Rangers and were completely unsporting! He then said he doesn't expect the current directors of a number of SPL clubs who had it in for Rangers to be still be in charge by the time they make it back to the top flight and it send a message to the new directors that such unsporting behaviour won't be tolerated!
The arrogance of this club is breathtaking.
There's a famous quotation: "This has to be said about Rangers, as a Scottish Football club they are a permanent embarrassment and an occasional disgrace."
They are doing their best to live up to that.
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