Paquis

Counsel for HMRC tried to make the argument that these side-letters represented a dual contract and that the EBT represented wages and not a loan. The Tribunal did not accept his argument. Obviously the SPL may decide that they know better than the Tribunal but it would be a high risk strategy to go ahead and strip titles knowing that a recourse to the Court of Session would almost certainly see them losing, looking very foolish and further damaging Scottish football.

It is now a civil matter between the person who borrowed money and the person who loaned it. The tribunal has ruled that the loans are recoverable. It is up to the lender to demand repayment.

HMRC can only appeal on a point of law. The facts are now established.

The finding of the Tribunal 'in law' is that these were loans and that they are recoverable. Furthermore, the Tribunal did not make a finding of tax fraud. The EBTs were a legal tax avoidance scheme and that reality is confirmed by the Tribunal's findings. Just because you disagree does not change that fact.

The Tribunal ruled that the loans are recoverable. I know this doesn't fit in with your world-view but it is, nevertheless a finding in law.

Guilty of what? Running a perfectly legal tax avoidance scheme?

This assumes that it was the company that is in administration that made the loans and not MIH. Remember, the case was against Murray Group Holdings and others rather than specifically against Rangers.

Umbungo made this error based on a misreading of the Tribunal's findings. He confused the argument of Mr. Thomson with an actual finding in law. In fact, the majority of the tribunal did not accept Mr. Thomson's argument.

The Tribunal made the following Findingsof Law: 3 The sums advanced to the employees of the Appellants by way of loan interms of the relative loan documents, were made in pursuance of discretionary powersand remain recoverable and represent debts on their estates. There are no taxes due on a loan.

As I read the document, page 38 reflects the evidence of Mr. Thomson and not a finding of the Tribunal. In fact, the thrust of Thomson's evidence is that the EBTs and associated side-letters were part of the player's 'wage' (p38, line 41). However, the Tribunal found that they were in fact recoverable loans.

Where on Page 58 does it say that? I see no reference to SPL rules on page 58.

I would suggest that the creditors should also be hounding HMRC. The refusal of HMRC to accept a CVA will have substantially reduced the amount of money they would get.

But is there evidence for title stripping? The Tribunal found that the players received loans that were recoverable and, therefore, not subject to tax. Any side letters must, therefore, be connected to the receipt of those loans. As the loans are recoverable they cannot be a payment. So, is the fact that the club agreed to make recoverable loans to players sufficient grounds for title stripping? Furthermore, the fact that the EBTs were legal means that no advantage was gained by Rangers in that any other club could also have used the scheme.

It depends who made the loans. If they came from Rangers then, presumably, the liquidators could attempt to recover them. If they came from MIH then it would be up to them to recover.

Shame that the law doesn't agree with you

Lots f straws being clutched by the Rangers haters on this board.

Just a shame for you that the Tribunal and, therefore, the law takes a contrary view.

You do not pay tax on a loan. By recoverable they mean that the sum of money loaned is recoverable by the person or entity that loaned it. There is no tax owed.

That remains to be seen. There is also the issue of the possible criminal investigation into the leaks of confidential information from HMRC as formally requested by Murray and MIH. Could be very embarrassing for HMRC and very uncomfortable for the leaker and the recipients of those leaks. In the circumstances, HMRC might prefer to go quietly.

Gillivan is a liar and a bigot. The Sun was right to run a mile.

What? No follow up posts? I'm shocked

The SPL will be cancelled by Xmas due to half the clubs being in liquidation

Panic stations at ICT as the brown stuff starts hitting the fan. Pass the popcorn

So that will be a yes.

Too lazy to Google?? http://www.telegraph...il-July-12.html