Tax officials blamed for the downfall of Rangers

[ian1964 10,724]

 

[26th of foot 6,082]

I am inconsolable with the feeling of let down, Phil McFournames should have told us all about this fcuk-up by HMRC several weeks past.

 

Phil has contacts everywhere.

[stewarty 2,025]

Staggering news.  At least this international week won’t be boring 

[ian1964 10,724]

 

[ian1964 10,724]

HMRC reportedly overestimated Rangers' tax bill by 'up to £50 million', according to reports.

The Times are reporting that the 'multi-million pound blunder' was far higher than Rangers' actual tax bill of around £20 million between 2001 and 2010, when the Ibrox club were using an off-shore trust to pay Rangers players and staff.

HMRC has reportedly acknowledged that it claimed for too much and up to £50 million pounds could be wiped from the old operating company's tax bill.

And former Rangers chairman John McClelland has told the newspaper that the miscalculated tax bill warded off potential investors, which ultimately led to liquidation in 2012.

McClelland said: "At the time of the sale of the club in 2011, had the tax claim been at the level now being reported then, the outcome would have been different.

"I believe there would certainly have been a much higher level of interest in acquiring it and therefore more potential buyers."

The Times are also reporting that a £24 million penalty charge against 'oldco' Rangers has been wiped out, a further £2 million has been erased after "certain parts were agreed to have been overstated" and the report also claims that "there may be a further reduction in the pipeline".

https://www.eveningtimes.co.uk/sport/18034919.hmrc-overestimated-rangers-tax-bill-by-50-million/

[ian1964 10,724]

 

[ian1964 10,724]

 

[der Berliner 3,744]

Just when I was off to bed ... well, sweet dreams then.

[JFK-1 1,693]

You realise how many hearts this is breaking? And not the ones you may first think. 

 

Quote

A story breaking in the times tomorrow.
hopefully bad news

I'm wondering if a government body such as HMRC can be sued for the devastating damage their incompetence caused to not just a business but a Scottish institution. Damage that's still wreaking havoc. 

[pete 2,499]

 Mr John Reid springs to mind in all of this.