Three Shakes … and a Twist

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FI do not know when the news will be released …

Comment on Three Shakes … and a Twist by valentinesclown.

FI do not know when the news will be released publicly, and I do not know the exact outcome yet either. However, this is unfolding as we would expect. The amount that went through EBTs for MIH companies (obviously excluding Rangers) is just about £11m. This includes over £6m for David Murray himself.

The MIH exposure is obviously not huge then. The next biggest beneficiary who is not a Rangers employee received less than £800k.

The company (various subsidiaries) will be responsible for paying the tax bills in the first instance. As MIH is still going, it will be Lloyds that will effectively pick up most of the MIH bill.
As Rangers have no means of covering bills, it is quite possible for HMRC to go after individuals- including players.

If MIH have a significant liability it will be clear that the panel agrees with HMRC that the entire Murray usage of the scheme was a sham. By this I mean that a significant MIH bill would mean that the panel was not requiring evidence of a contractual basis on an individual transaction basis. Under these conditions, Rangers’ bill would be large. Very large. Of course, we do not know this to be the case yet.

The other biggest factor in determining the bill is whether the FTT contributions are considered net of tax or gross of tax. To explain in detail, Rangers contributed about £49m to staff through EBTs. If this is considered before tax, then the bill would be at most £24.5m (before interest). If considered after tax, the bill would be as high as £49m (before interest).

Justice would require a bill approaching £49m as this was the economic benefit obtained from using the scheme. (If they had paid tax, they would have had to find an extra £49m). However, on some legal technicalities, it is quite possible (even likely) that the payments will be ruled to be pre-tax i.e. we just take roughly half of the amount as the tax bill.

Interest is likely to roughly double the amount of the underpayment. So we can expect to see bills of anywhere from £16-49m plus that again in interest. Any result in this range would be conclusive proof that Rangers were engaged in cheating on a huge scale.rom RTC.

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I am right in saying that a punishment in the way of a fine will follow, if found guilty.

valentinesclown Also Commented

Three Shakes … and a Twist
Charlie Says eeeooooeeeooooooeeeoooo No debts
Charlie says eeeeeeooooooeeeeooooooo. Not Playing in SPL
Charlie says eeeeeeeooooooeeeeoooooo Champions League Music and final.
Charlie says eeeeeeeooooooeeeeeooooo Big Crowds
Charlie says eeeeeeeooooooeeeeeooooo Season ticket money in bank
Charlie says eeeeeeeooooooeeeeeooooo Ticketus not involved
Charley says eeeeeeeooooooeeeeeooooo Will not forget SPL treatment of Rangers
Charley says eeeeeeeooooooeeeeeooooo Rangers financially sound
Charley says eeeeeeeooooooeeeeeooooo Please buy shares

I say really honestly, who is going to believe a lying tomcat.

According to Charlie at least 20,000 share buying fans.


Three Shakes … and a Twist
Talk Sport Charles Green states that he is Nanny McPhee..

He is nearly right with a fictitious character but the wee boy with the big nose may be closer to the mark. Oh by the way newco financially sound..


Three Shakes … and a Twist
Found article below in Scotsman. Surely they must be mistaken about Charlie Says.

Or maybe the penny is beginning to drop.

http://www.newsnow.co.uk/A/606690630?-11344

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Recent Comments by valentinesclown

It Is Better To Offer No Excuse Than A Bad One
I am not 100% sure of the term concert party. is MR Kings concert party similar to this?


It Is Better To Offer No Excuse Than A Bad One
Oh dear the smsm will be working harder than Santa’s elves trying to make this news from verdict of TAB sound as good news for the bears in Govan.


Fans for Judicial Review – Counsel Opinion
So are we saying basically they cheated we know and there is nothing that we can do.? 


Enough is enough
It is shameful and embarrassing that after RFC went into liquidation (all the papers published this event on the actual day it occurred) that they are considered or portrayed as the same club by the SFA and the smsm. This would not occur in any other country as there is no team that have such a biased smsm backing them as well as a compliant SFA  and we can all guess why. It IMO is not fear, RFC had an absolute embarrassing long term policy of not signing players of a certain religion and our SFA and smsm were well aware of this as it was no secret in fact it was upheld as a tradition of this club. Silence. Shameful does not cover it. There has always IMO been throughout history more members / ex directors of this club in high positions in the SFA than any other club. No balance. I would also  add that IMO the smsm has always throughout history had a very unbalanced high number of supporters of this club (although some actually insulted our intelligence by claiming to been supporters of clubs outside Glasgow) embarrassing.  Succulent lamb was no surprise it was expected.  The traditions of RFC seems to be IMO widespread within our SFA and smsm past and present.  Why has there never been an open discussion by SFA and smsm concerning, newco/oldco, Craig Whyte Trial, Dave King’s tax history in SA, Mr King’s fit and proper decision, possible LNS revisit due to new info, SC verdict on ebt’s, soft loans, ongoing concern in accounts, names of investors in new Ibrox club, Takeover Panel , the real role of Mr David Murray in the downfall of RFC, Offshore Game Report and on and on. Shameful but expected. It cannot be fear alone that these issues cannot be addressed in a balanced way. Our SFA and smsm have no shame and will always protect and promote this new club with all it’s traditions and values, which seem to have been carried over from the old club. I will always refer to them as a new club as liquidation actually took place of the CLUB.  Shamefully I actually did buy papers on that day,not bought any since I may add. 


Enough is enough
Edinburgh Tax Network on 14th Dec an address by Rt Hon Lord Hodge on SC decision concerning RFC.  Details below.  get in first as there could be a stampede from our smsm for front row seats
https://t.co/SSymcFxZB4


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