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Tuesday, 20 November 2012 18:46

Tax Case Decision Statement

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THE Board of The Rangers Football Club issued the following statement today.  

Charles Green, chief executive commented: “I am sure that all Rangers fans will welcome that a judgment has been reached on this case at last.

“That said, the judgment will not affect the operations of the Club nor the proposed flotation of the business as a public company. 

“This case is historic and was a matter for The Rangers Football Club plc ('oldco') which is in liquidation.

“The Rangers Football Club Ltd is a corporate entity formed following the acquisition in June this year, by a consortium led by me, of the business and assets of Rangers, including the Club and its honours.

“As HMRC stated in June when they decided to vote against the proposed oldco CVA, no tax liabilities relating to 'oldco' would transfer across to the new company. HMRC have recently reaffirmed this position to the Club's tax advisers, Deloitte.

“The Rangers Football Club Ltd is a company free of external debt.

“The judgment serves to further undermine the validity of the SPL Commission into the use of EBTs.  

“As we have said all along the SPL decision to press ahead with a commission was ill-timed and fundamentally misconceived.”  

 

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