Fantasy Football
The latest edition of Private Eye forecast correctly that HM Customs and Revenue would appeal the long-running tax case involving Rangers Football Club. What I don't understand is how a loan can be a loan - if the loan amount is never recovered by the lender? Never mind 'fantasy football' - that sounds to me like a fantasy tax return! "PLANET FOOTBALL" Rangers "Many tax experts were surprised by the majority 2-1 decision in favour of the Glasgow club and its owners at the rcent tax tribunal, and they expect that the taxman will appeal the tribunal ruling that the £47 million pumped into offshore trusts for 81 players plus club officials represented genuine loans, rather than income, and so were not taxable. The fact that the dcision was by a majority would normally encourage an automatic appeal - plus there is up to £70 million in tax, interest and penalties at stake. The tax claim effectively forced rangers into administration and now liquidatio...