The Vice Closes

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AULDHEID SEPTEMBER 20, 2017 at 14:16 ==========================   HomunculusRead Art 43 of UEFA FFP. (sub …

Comment on The Vice Closes by Homunculus.

SEPTEMBER 20, 2017 at 14:16
HomunculusRead Art 43 of UEFA FFP. (sub para h from memory)I think you have argued this point before about HMRC duty of confidentiality, but given the history of tax avoidance/ evasion by football there will be circumstances where it is to HMRCs advantage to be able to share information with national associations and if a taxpayer has consented to enquiry as a club does under FFP then HMRC are more likely to respond positively if it helps them get paid.


That is exactly the point and it is the only point, if the taxpayer agrees to the information being supplied then it is not a breach of confidentiality.

It being in HMRC’s best interests to disclose confidential information to a national football association would not justify the breach. 

Now if the SFA insist that member clubs provide that authority, which seems more likely then it is not an issue. That would be similar to someone authorising HMRC to deal with their agent in relation to tax matters. 

Homunculus Also Commented

The Vice Closes
OCTOBER 8, 2017 at 23:10

I think we need to bear in mind that this matter is going to the Court of Session because he has refused to follow the Panel’s instructions, after having lost his appeal. If Dave King does not follow the CoS instruction then I think they may go beyond the “cold shoulder”.

If he fails to follow their instruction I imagine that would be considered contempt. That would not be a good place to be. He may end up not being allowed to be a director of a UK company for example.

On the matter of whether people would take up the offer or not, which I don’t believe actually makes a difference, how can anyone say that. For the last couple of years 25% of the shareholders have rejected the special resolution put to them. If we assume that included Mike Ashley then that would still leave 16% or so who may well just want out of the whole shambles. If they are offered 20p for shares in a failing business which is racking up debt year on year they may just decide to take it.

Interestingly that would take King to just over 30% of the holding. Would he have to make another offer at that stage. As himself / New Oasis, rather than because he led a concert party.

Last thing, maybe he is being so recalcitrant because he simply can’t afford to make the offer.

The Vice Closes
OCTOBER 8, 2017 at 13:35

Thanks for that. I suppose it makes sense to give them a chance to do the right thing, even if you are fairly certain they aren’t going to.

It took a few years after Farry blatantly cheated but he was eventually brought to task. 

The Vice Closes

Maybe someone can explain this, what does a “tax bill crystallizing” mean.

As far as I am aware as soon as HMRC issue an assessment (bill) then the tax is due. They may hold back on enforcing the debt if the taxpayer appeals the bill however the money is due. If the appeal is successful then the bill may be reduced or withdrawn.

Looking at investpedia  it defines crystallization as follows

“Crystallization is the selling of a security to trigger capital gains or losses. Once a capital gain or loss has been realized, investment tax applies to the proceeds.”

The financial dictionary provides

“The act of selling an asset and immediately buying the same asset back. 
One does this for tax purposes; that is, one sells the asset in order to realize a capital loss, but buys it back because one believes it still represents a solid investment. Most tax agencies have rules forbidding or limiting crystallization.”

So I’m not really sure what people are talking about when they say that a tax bill had or hadn’t crystallized. Under appeal I can understand but not the notion of it not having “crystallized”. 

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