Anxious former Rangers stars could be spared financial ruin after the tax has agreed to write off about £ 70m of employee-to-employee trust.
The Daily Record today may reveal that a huge team of old Ibrox boys told HMRC that tens of millions of pounds worth of fines and interest accrued on their controversial payment scheme have been reduced as part of a deal with BDO liquidators.
The authorities are alleged to have helped the club get into financial turmoil in 2012 by inflating the potential account of using an offshore trust scheme for as much as £ 50m – creating a liability so crippled that it frightened all potential new owners except for the catastrophic. Craig Hout.
Conflicting claims insist that the HMS did not make such an admission and only agreed to adjust their numbers to assist in the healing through the legal process that began more than four years ago when Oldko Rangers.
But the news should be a welcome relief to the long list of EBT recipients who have been told that they must now be partially sufficient to cover the money the Supreme Court ruled had to be paid in income tax.
It was believed that the roster – made up of former players, coaches, managers and executives – was churning out nearly £ 100m.
Now that amount has dropped to around £ 24m.
Former Rangers president Sir David Murray won the EBT scheme between 2001 and 2009, paying £ 47.6m to staff, players and himself.
Critics say it has given the club a huge advantage over rivals, allowing them to sign players who otherwise could not afford.
Murray has shifted the scheme around the club – from big-name stars such as former captain Barry Ferguson and the all-time £ 12m record signing to Torre Andre Flo to managers Dick Adokaat and Alex McLeish.
Murray also received payments of more than £ 6m, which means he owed a tax of £ 3m.
The taxpayer began considering Rangers' EBTs in 2010 as Murray sought to sell his controlling interest in the club.
In 2012, the new owner Haut took over Rangers after failing to pay £ 9m in PAEE and National Insurance.