Rhubarb Mess Posted October 23, 2011 Share Posted October 23, 2011 Rangers tax scheme was a tax avoidance scheme used by lots of higher earners in the late nineties/early two thousands. HMRC have long since cracked down hard on such artificial schemes and it could not be used now. They have also looked at schemes implemented before it was absolutely outlawed for the slightest flaw in how it was implemented and I think that is what is happening with Rangers. What I wonder about is who gave them the tax advice? If it had come from a decent sized firm of accountants, Rangers would have a claim against them and their insurers. Because that has not been mentioned, I suspect that they either implemented the scheme themselves or got it on the cheap from an uninsured advisor. If that is the case, there is a high chance the scheme is flawed and they will lose. If they are forced into admin, it will be a brave man who takes the case. It would probably be best for his own safety if it's an English insolvency practitioner. I also sympathise with Alibi as Craig Whyte seems to make his money from company administrations. The previous chairman and ex directors suing for millions also have a lot to answer for! Disgusting how some prey on the dying like vultures. We are a MEAN diddy team!!! SITTING ON THE FENCE!!! m1874 Blog<<<..V..>>>Ernies Blog GMST make your own mind up. "Hey!!! That tea leaf half-inched me wallet" Yours Roobs, AKA, Harry's Orville Duck Link to comment Share on other sites More sharing options...
dive! Posted October 23, 2011 Share Posted October 23, 2011 What I wonder about is who gave them the tax advice? If it had come from a decent sized firm of accountants, Rangers would have a claim against them and their insurers. Because that has not been mentioned, I suspect that they either implemented the scheme themselves or got it on the cheap from an uninsured advisor. If that is the case, there is a high chance the scheme is flawed and they will lose. Tonsilitis, It has been reported that the EBT advice was bought from Baxendale-Walker. I assume this would mean the firm were covered under the Law Society of Scotland's professional indemnity scheme. I would also assume there was an indemnity cap as part of the original engagement letter between BW and Rangers. Link to comment Share on other sites More sharing options...
Rasta Ton Posted October 23, 2011 Share Posted October 23, 2011 Administration as a deliberate tactic is in my view legalised theft. I agree but when the owner is also currently the largest creditor it's he who calls the shots. One of the unfortunate nuances of corporate law. Anyone doing business with Rangers should be settling up any credit accounts they have owing to them. FIRST DIVISION RUNNERS UP 2012/13 Hey Man - Enough of your Stupidness Link to comment Share on other sites More sharing options...
Guest David Edwards Posted October 23, 2011 Share Posted October 23, 2011 If Rangers do go out of business, which I don't believe they will I might add, they will simply start again with a new name, say Rangers 2012, and keep their place in the SPL. There's not a chance that the SPL would let one of the Old Firm drop down to the Third Division, just wouldn't happen, regardless of the rights or wrongs. I agree, the Scottish football establishment will not allow Rangers or Celtic to go to the wall, under any circumstances. More's the pity I say, and the time for toppling the establishment is long overdue. Topple it must and soon, before the rest of Scottish football goes to the wall. Link to comment Share on other sites More sharing options...
Tom_McB Posted October 23, 2011 Share Posted October 23, 2011 I agree, the Scottish football establishment will not allow Rangers or Celtic to go to the wall, under any circumstances. More's the pity I say, and the time for toppling the establishment is long overdue. Topple it must and soon, before the rest of Scottish football goes to the wall. That'll happen when Scottish Independence happens. "Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their consciences."The goal of Socialism is Communism- Lenin Je ne suis pas Marxiste : K Marx Link to comment Share on other sites More sharing options...
Tonsilitis Posted October 23, 2011 Share Posted October 23, 2011 Tonsilitis, It has been reported that the EBT advice was bought from Baxendale-Walker. I assume this would mean the firm were covered under the Law Society of Scotland's professional indemnity scheme. I would also assume there was an indemnity cap as part of the original engagement letter between BW and Rangers. If the scheme was flawed, it does not matter what indemnity caps there were/are and there is plenty of case law in recent years supporting that. If it was badly implemented that is different. Basically it's equivalent to the sale of goods act where products have to be fit for purpose. Sell a car with no engine and the seller is liable. Sell a car that breaks down, there are arguments either way. The thing is though, discounted option schemes worked for others so why did Rangers scheme give rise to a challenge? Link to comment Share on other sites More sharing options...
Guest David Edwards Posted October 23, 2011 Share Posted October 23, 2011 That'll happen when Scottish Independence happens. Not too long in the future I'm sure and not before time I hope. Link to comment Share on other sites More sharing options...
TaunTon Posted October 24, 2011 Share Posted October 24, 2011 More's the pity I say, and the time for toppling the establishment is long overdue. Topple it must and soon, before the rest of Scottish football goes to the wall. I've got a feeling that the blazers could live with that scenario. Link to comment Share on other sites More sharing options...
Cet Homme Charmant Posted October 26, 2011 Author Share Posted October 26, 2011 New update on the blog this morning, with a spreadsheet allegedly showing Rangers' predicted cashflow for 2011-12. If the figures are correct, he reckons without an immediate cash injection they'll be officially insolvent by the end of November. http://rangerstaxcase.com/ Oh dear. Link to comment Share on other sites More sharing options...
Alibi Posted October 26, 2011 Share Posted October 26, 2011 New update on the blog this morning, with a spreadsheet allegedly showing Rangers' predicted cashflow for 2011-12. If the figures are correct, he reckons without an immediate cash injection they'll be officially insolvent by the end of November. http://rangerstaxcase.com/ Oh dear. I'm taking that as ironic... "Any nation given the opportunity to regain its national sovereignty and which then rejects it is so far beneath contempt that it is hard to put words to it." Link to comment Share on other sites More sharing options...
TonInDublin Posted October 26, 2011 Share Posted October 26, 2011 Anyone who thinks that is a genuine cash flow prediction from a major business is smoking some seriously good shit. It's not even worded properly, nor is it in a format than anyone below O-Grade economics would spot as a ponk a mile off. That they are in trouble is in no doubt, and the more the better. But they ain't official cash flow figures - in fact they're not even close. Two Uniteds but the soul is one, as the Busby Babes carry on. Link to comment Share on other sites More sharing options...
puggsy_ton Posted October 26, 2011 Share Posted October 26, 2011 Conveient? Link to comment Share on other sites More sharing options...
Alibi Posted October 26, 2011 Share Posted October 26, 2011 What company name are they registered under at the moment? And incidentally are they registered in Scotland or in England? "Any nation given the opportunity to regain its national sovereignty and which then rejects it is so far beneath contempt that it is hard to put words to it." Link to comment Share on other sites More sharing options...
Cet Homme Charmant Posted January 31, 2012 Author Share Posted January 31, 2012 Looks like the penny has finally dropped with the mainstream media...... http://www.dailyrecord.co.uk/2012/01/31/ra...86908-23728301/ Link to comment Share on other sites More sharing options...
Cawston Posted January 31, 2012 Share Posted January 31, 2012 Looks like the penny has finally dropped with the mainstream media...... http://www.dailyrecord.co.uk/2012/01/31/ra...86908-23728301/ The RTC blog has gone into overdrive. The big tax case £49M, £24M owed to Ticketus, £5M unpaid VAT for Ticketus deal, Money still owed to Vienna for Jellyfish means the £3.5M from Everton is already half spent. More revelations on unpaid NIC and PAYE to come. Newco Rangers seems inevitable now, it'll be a scandal if they're allowed to start life in the SPL straight away after cheating in the way they have for so long. Along the track the train came puffin, Morton 1 Celtic nuffin. Link to comment Share on other sites More sharing options...
vikingTON Posted January 31, 2012 Share Posted January 31, 2012 *polishes grave-dancing shoes* The site is supposed to be a place for the extended 'family' of Morton supporters - having an affinity with people that you don't know, because you share a love of your local football club. It's not supposed to be about point scoring and showing how 'clever' or 'funny' you are, or just being downright rude and offensive to people you don't know, because you can get away with it. Unfortunately, it seems the classic case of people who have little standing/presence in real life, use this forum as a way of making themselves feel as if they are something. It's sad, and I've said that before.. So, having been on Morton forums for about 15 years I guess, I've had enough... well done t*ssers, another Morton supporter driven away. You can all feel happy at how 'clever' you are Link to comment Share on other sites More sharing options...
Cet Homme Charmant Posted January 31, 2012 Author Share Posted January 31, 2012 *polishes grave-dancing shoes* Link to comment Share on other sites More sharing options...
ianton Posted January 31, 2012 Share Posted January 31, 2012 What lower division will be looking forward to full houses next season?. Link to comment Share on other sites More sharing options...
Flyerton Posted January 31, 2012 Share Posted January 31, 2012 What lower division will be looking forward to full houses next season?. WDE full again with 'Gers fans? .....not quite as many as on the vid below though from Dec 1948 (estimated crowd of 25,000) O5xysJUlyMM&hd=1 Link to comment Share on other sites More sharing options...
Cet Homme Charmant Posted January 31, 2012 Author Share Posted January 31, 2012 Would love to see the newco being forced to start again from the 3rd division, as they should. But I'm 100% certain that the SPL chairman will bend/change the rules and let them straight back into the SPL. They're far more worried about the loss of TV revenue and gate money than natural justice, I'm afraid. Link to comment Share on other sites More sharing options...
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