Rangers win EBT appeal

The tax tribunal which heard Rangers' appeal over their bill for the use of Employee Benefit Trusts (EBTs) has delivered a majority verdict which has "allowed the appeal in principle".

Loading Comments
Share
Print

The tribunal stated that the "controversial monies received by the employees were not paid to them as their absolute entitlement".

Rangers had argued that the payments, thought to be close to £49million, had been loans rather than wages and not subject to tax.

No verdict on any sum that the oldco Rangers were liable for was included in the findings, but Sir David Murray's company welcomed the verdict as vindication of their stance.

Oldco Rangers had previously stated they could be liable for up to £75million but the tribunal ruled that Her Majesty's Revenue and Customs assessment should be "reduced substantially" with only some payments subject to tax.

Murray International Holdings, who were majority shareholders of the oldco club until Craig Whyte's takeover in May 2011, declared in a statement: "We are satisfied that the Tax Tribunal has now published its widely awaited decision and note the contents thereof.

"We are pleased with the judgement which leaves minimal tax liability and overwhelmingly supports the views collectively and consistently held by our advisers, legal counsel and MIH itself."

Commenting & Moderation

We moderate all comments on Evening Times on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

107697

Have you got a story?

Contact the news desk on 0141 302 6520 or email news@eveningtimes.co.uk
Michelle McManus

Michelle McManus

Sussed in the City

New Year resolutions

Times Out

Entertainment

Lifestyle

TV Advert
Janice Bell

Janice Bell

You couldn’t make up half the stuff that happens to PA Janice Bell- some of the jams she gets herself into are worth a story or two.

Games news:

Putting the world to rights

Gail's Gab

Yorkhill does great work and Black Friday

Cat’s Eyes on Glasgow

Cat’s Eyes on Glasgow

Cat Cubie’s job is to find and share with you the fabulous things the city has to offer, from gigs to gastro.