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 liquidation. HM Revenue and Customs could have good reason to expect a different result on appeal, given past rulings in employee benefit trust cases.
However, given that the old rangers is now no more, who would pay if the decision were reversed? The club's directors, led by Sir david Murray? The players - many of them now abroad?"
