Rangers FC settle £300,000 damages claim with former director Donald McIntyre

[Frankie 8,372]

Agreed. However presumably Murray took advice when setting up the scheme for the big tax case. I fail to see how McIntyre could come in to the club, review the advice and know that it was wrong when the auditors had accepted it for many years as had the Inland Revenue when reviewing both the tax return and the statutory accounts. It doesn't stop some from throwing around wild accusations though.

 

I won't pretend to know the ins and outs of our club's finances and clearly HMRC wouldn't have wasted the time and energy on this case if they didn't feel confident.

 

But surely if we had been breaking the murky legal nomenclature of these EBT schemes, it should surely have been picked up before now - either by our auditors, our financial guru or indeed HMRC?

 

Now clearly, if an i wasn't dotted somewhere then we may have been guilty of some sort of regulative error. However, all my instincts tell me it just doesn't make sense for HMRC to pursue us for money they won't get. Moreover, if it was indeed this simple, surely the tribunal would have been completed by now.

 

As such, I'm going to go with William of Ockham on this and predict an 'affordable' settlement.

[khan 0]

The link below while proving nothing makes for interesting reading and throws up the name of Paul Baxendale-Walker again, said to have written the definitive book on EBT's along with our QC Andrew Thornhill.

 

http://www.google.co.uk/url?sa=t&rct=j&q=baxendale-walker%20sir%20david%20murray&source=web&cd=11&ved=0CBwQFjAAOAo&url=http%3A%2F%2Fwww.iii.co.uk%2Finvestment%2Fdetail%3Ftype%3D%26code%3Dcotn%253AMHG.L%26it%3Dle%26display%3Ddiscussion%26thread%3D8132709%26action%3Dlist&ei=iCTnToSiJ_OK4gSs67mTCQ&usg=AFQjCNEaQT-17U7sJwg-9gdZVARq2Yrk2A

[craig 5,199]

Agreed. However presumably Murray took advice when setting up the scheme for the big tax case. I fail to see how McIntyre could come in to the club, review the advice and know that it was wrong when the auditors had accepted it for many years as had the Inland Revenue when reviewing both the tax return and the statutory accounts. It doesn't stop some from throwing around wild accusations though.

 

If he wasnt at the club at the time then I doubt that he had that fiduciary duty. He should only have such duty for decisions made on his watch.

[khan 0]

I believe EBT's were still being used in 2010, which I would hazard was McIntyres watch.

[craig 5,199]

I believe EBT's were still being used in 2010, which I would hazard was McIntyres watch.

 

A pertinent point in all of this is that it still has not been determined that EBT's are or were illegal.

 

The closing of a loophole by HMRC doesnt mean anyone did anything wrong UNLESS they continued to use them after the loophole was closed.

[ian1964 10,626]

A pertinent point in all of this is that it still has not been determined that EBT's are or were illegal.

 

The closing of a loophole by HMRC doesnt mean anyone did anything wrong UNLESS they continued to use them after the loophole was closed.

 

I thought this was always the basis for Rangers dispute?

[khan 0]

As I understand the the situation EBT's are perfectly legal when operated correctly. HMRC appear to be claiming we operated the scheme incorrectly I hesitate to use the term knowingly incorrectly as has been claimed in some quarters.

Whatever the rights or wrongs, it certainly cannot be right that murray has divested himself of this mess for the princely sum of £1, he should and must be called to account as should the party responsible for the advice in the first instance, strangely we are unaware of who gave this advice even now.