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Rangers tax debt revealed


Charles Green

By Graham Barnstaple
October 1 2012

Rangers administrators have revealed the amount the club owed HMRC was just over £94million – how can that just be written off!!

The old Rangers Football Club owed more than £94m in unpaid tax and penalties, according to its administrators. The final report to creditors from Duff and Phelps reveals that the size of HM Revenue and Customs claim against the club totalled £94,426,217.

 

It also shows that the administrators are claiming £3,121,683 in fees. Creditors have until 12 October to vote on the report. When the administration period ends, the old Rangers FC will be placed in the hands of liquidators BDO.

 

The bulk of the amount owed was down to the EBT’s which HMRC claimed they were owed in excess of £49m.

 

If this money is not paid back by any form of Rangers then there is something wrong with the whole process of going into administration/liquidation. It would appear the new Rangers have been allowed to have formed by Charles Green and carry on as if nothing has happened.

 

I guess if the newco was asked to pay back everything that was owed to HMRC it would be the end of them as well BUT surely someone has to pay this tax bill.

 

The judgement from HMRC would seem to show that the newco is not the same as the original club which went into administration/liquidation. Both have been operating at the same time, one in administration and one trading as The Rangers.

 

I do not want to see Rangers go out of business, but this is a dangerous precedent being set if this tax bill is left unpaid. Who will be next to go into liquidation to avoid a massive tax bill.

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Rangers tax debt revealed
Flower of Scotland (IP Logged)
01/10/2012 19:37
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