Tax bill owed by original owners of Rangers FC set to be reduced by £50m
The club's former chairman says tax uncertainty prevented interest from investors.
Last updated 14th Nov 2019
Around £50 million is due to be removed from the tax bill owed by the original owners of Rangers.
According to the Times, HMRC admitted to over-estimating its debts and penalties.
It’s now thought the remaining bill for misuse of an offshore trust which was used to pay players and staff between 2001-2010 is around £20 million.
The club’s former chairman, John McClelland, says uncertainty over the tax had prevented genuine investors from being interested and ultimately led to the collapse of the club.
He said: "At the time of the sale of the club in 2011 had the tax claim been at the level now being reported then, in my opinion, the outcome would have been different.
"I believe there would certainly have been a much higher level of interest in acquiring it and therefore more potential buyers."
An HMRC spokesperson said: "We don’t comment on identifiable businesses. HMRC has always been clear that disguised remuneration is a form of tax avoidance."
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