Glasgow Rangers tax avoidance case reaches Supreme Court

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Source: heraldscotland.com 15 March 2017

The Supreme Court case centres on Rangers’ use of employee benefit trusts (EBTs) to pay players and staff, avoiding tax of £46.2m.

The case will examine the appeal arising from the Scottish Court of Session, which agreed with the Revenue.

The outcome could affect thousands of similar schemes used by companies to put money into trust for top employees. The employees’ goal was to avoid tax while benefiting from loans or property bought with the cash.

HMRC offered users of the schemes an opportunity to make use of transitional relief on investment gains if they settle by the end of this month.

Andy Wood, a director of Enterprise Tax Consultancy, based in Cheshire, said he had helped a club reach a six-figure agreement with HMRC in relation to the affairs of one senior official and was aware of “five or six” other such deals.

Source website here

 

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