Celtic and Rangers heroes among football stars facing financial ruin

[craig 5,199]

... while somewhere else, Vodafone and and Starbucks smuggle(d) away their billions.

 

THIS is what grinds my gears. They didn't smuggle away their billions but HMRC and the British government certainly gave them massive tax breaks to bring their business to the UK. And now they are bankrupting individuals on the back of their own failings to draft appropriate language in the legislation.

 

Admittedly it isn't as simple as "They gave these massive multi-national companies huge tax breaks" because there are certainly other factors at play such as the fact that they were bringing employment with them, they would have been looking for long term investment and employment in the UK - there would still be Corporation Tax, PAYE tax, NIC etc that would have been collected. But the tax breaks, to me at least, just seemed to be TOO big !!

[MacK1950 2,378]

When that big incentive of getting money is the over-riding reason goalposts will be changed but when it comes to trying to convict someone of illegal acts like murder,rape,indecency etc. the guilty get reductions on sentences for early pleas of guilty etc.

The big eyed greed of money is repulsive.

Another thing I wonder about is how the money being claimed back is way above that of the investment.

[craig 5,199]

When that big incentive of getting money is the over-riding reason goalposts will be changed but when it comes to trying to convict someone of illegal acts like murder,rape,indecency etc. the guilty get reductions on sentences for early pleas of guilty etc.

The big eyed greed of money is repulsive.

Another thing I wonder about is how the money being claimed back is way above that of the investment.

 

Because they used leverage.

 

Eg, they invested, say 100k, but they were claiming tax relief on say, 500k. And they could have done this over multiple years too.

[RANGERRAB 3,677]

TO be fair, I think the difference is that the club itself wasn't involved, I think it was players independently investing their money and claiming the personal tax relief.

 

But who gave them the financial advice ? Was the club involved in any way?

[RANGERRAB 3,677]

If investors are being sent tax demands from HMRC for tax schemes after being given financial advice by financial advisors won't the financial advisors indemnity insurance cover any unforeseen tax liabilities the investor may incur?

[compo 7,048]

Did you know that HMRC only investigated e5 wealthy individuals for tax evasion last year , just read about this in the telegraph

[craig 5,199]

But who gave them the financial advice ? Was the club involved in any way?

 

It matters not. The SPFL wont have any teeth against Celtic when it comes to this

[craig 5,199]

If investors are being sent tax demands from HMRC for tax schemes after being given financial advice by financial advisors won't the financial advisors indemnity insurance cover any unforeseen tax liabilities the investor may incur?

 

Depends on the liability or fiduciary insurance they have - I would be pretty sure that they wouldn't have enough to cover the liabilities that those involved are seeing.

[the gunslinger 3,366]

Shut these things down sure. But chasing back pay for approved schemes is wholly unacceptable

[RANGERRAB 3,677]

It matters not. The SPFL wont have any teeth against Celtic when it comes to this

 

Not talking about the SPFL. The players themselves might want to pursue Celt@c if it was they who encouraged them to do this