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description=5 posts published by rangerstaxcase during February 2012;

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previous, rangers, well, done, arsenal, shares, board, alerted, whyte, pr, still, peddling, disinformation, apologia, victim, of, our, own, success, tax, case, top, posts, pages, articles, search, this, site,

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Text of the page (random words):
l media on reflection congratulations are in order i am no fan of the murdoch press but let us acknowledge a job well done this story is a quantum leap forward from what has passed as traditional reporting in scotland in recent years while the daily record still seems content to rely upon agenda driven scraps from the table of the rangers old guard the same people who got the club in this mess the sun appears to have put in an honest day s work this would have required some genuine investigation and they confirmed their interpretation by consulting with no less than three experts while sports reporters have vacillated between claiming that tax issues are too complicated to discuss and then spouting comically inaccurate nonsense the sun has found a solution that might yet start a revolution they asked for comments from people who understand the subject rather incredibly i even agree with the article s general findings you could have read much the same here in march of last year but the sun has published evidence it was the absence of reports like this one about the most important story in scottish football history that inspired this blog so better late than never and a sincere chapeau the timing of this story is also good much of the discussion recently has focused on the issue of whether rangers players had letters saying that loans from the ebt did not need to be repaid while interesting and sure to become a topic for discussion once the first tier tribunal returns with its findings it is a bit of a red herring the central issue in this case is whether the money received by rangers employees from the ebt were emoluments cutting through the legalese this basically means that the key question to be determined at the ftt is did rangers employees receive wages through the ebt that were not properly taxed obviously evidence that the loans were not real loans would blow any pretence that ebt use was legitimate out of the water if there was also direct evidence that rangers staff were receiving payments that were promised in an employment contract then it would be very difficult to make an argument that these payments are not emoluments yet make an argument that they are not wages is what andrew thornhill qc has been very well paid to do in some uncharacteristically well informed posts on the follow follow messageboard i noticed the appearance of the substance over form argument as a way of trying to explain away any damaging documentation without getting steeped in a comprehensive legal and accounting discussion substance over form is a concept that tries to look through complicated legal contrivances in financial transactions and look only at the meat of the issue where were we are the start and at the end it seeks to just look through any special purpose entities or legal trickery designed to complicate matters how is this relevant the poster on follow follow is trying to make the point it does not matter if rangers have created this blizzard of paperwork all but admitting that they have perpetrated a scam the reality is that the players currently still owe the trust therefore the withdrawals from the ebts are not emoluments this argument has a certain superficial charm however the issue with substance over form is that it is not for mr thornhill qc or rangers to determine what the start and end points of the transaction are such a line of reasoning would be effectively asking the tribunal to start and stop at mid points in the process and to ignore the real substance that rangers employees received payments from their employer that were not taxed so i would agree with the follow follow poster the form of how they were paid through a trust should be ignored especially if there is a mountain of documentary evidence supporting the notion that the substance is that employees wages were not taxed if there is a lot more evidence like that presented by the sun then rangers case would look to be very weak indeed of course if i was a skilled lawyer and one of my instructions was to slow down proceedings to delay an outcome i would need to find an argument of some sort an argument that allows me to ask the tribunal to go through the all of the evidence meticulously would be very useful indeed looking to the future rangers fans need to take a realistic and dry eyed look at the sort of people who will be running their club in whatever form it takes the signs are not good that the lessons of the past have been learned filed under general arsenal shares previous board alerted whyte 22 02 2012 1 564 comments reports that craig whyte has been asset stripping and selling off rangers heirlooms have understandably angered many fans however painting craig whyte as the devil incarnate on this issue might be a little hasty it appears that members of the old board actually suggested to whyte that these shares could be sold for cash rangers april 2011 financial report prepared on 18 may for whyte just after the takeover contained the following it is understandable that every weapon in the armoury is being deployed to get whyte out but it is also clear that truth and context might be casualties in this war from the tone and positioning in the report these shares were suggested to whyte as a source of cash no other family silver is listed had whyte s takeover of the club not happened would rangers have sold their arsenal shares anyway the issue of concern for rangers fans should not be the sale of the arsenal shares themselves but rather what has happened to the proceeds however simply accusing whyte of misappropriating 188k would carry legal risks and might seem trivial compared with recent accusations the emotional appeal of the sixteen shares gifted to the club in 1910 is a much more potent weapon public relations at its murky best filed under general rangers pr still peddling disinformation 20 02 2012 730 comments keeping up fan morale has never been more important at ibrox if rangers simply run out of cash to keep the lights on the administrators will have no choice but to liquidate the club while the administration process means that rangers have great leeway with regards which bills they pay it is vital for the club that cash continues to come in therefore we need to view all statements emanating from edmiston drive as being designed to achieve that goal we have heard some strange sounding statements from the administrators but it is the story circulating that the tax case has not gone well for hmrc that i found interesting scotland on sunday reported this week that this blog claimed the smoking gun for hmrc was a number of letters indemnifying players from any future tax liabilities on money placed in their ebts i have said no such thing i did say i can only hope for rangers sake that they were not so stupid as to provide written guarantees for players saying that they did not need to repay these loans it was in fact darrell king on clyde superscore board who told us that rangers players had two contracts and were given side letters telling them that loans did not need to be repaid darrell went further on 10 november 2011 stating i saw the letters the players have got to state that they are not liable for any payments which were part of their contract more recently darrell denied actually seeing the letters regardless a key witness at the tribunal reports that no such side letters existed that would be fantastic news for rangers if it was true i can only assume that the story from this key witness is being pushed to keep fan morale up during these difficult days it may also be a last ditch effort to try to get anyone in possession of the facts to make a mistake and disclose evidence presented to the first tier tribunal ftt let us look objectively at this source the scotland on sunday report stated the source who is not connected to rangers but had clients who benefited from ebts this is a key witness someone who did not participate in the ebt personally someone who is not connected to rangers given the long list of players and executives who participated in the ebt scheme this is the best witness available to refute darrell king s claims if this person was indeed a witness at the tribunal he will have been called as a witness by rangers he will have been initially examined by rangers counsel cross examined by hmrc s lawyer and then possibly re examined by rangers counsel again then he will have been made to leave the hearing he would not know anything about what evidence was presented other than his own of course nothing in life is absolute this blog never said that defeat for rangers in the tax case is 100 guaranteed but i believe that the evidence is overwhelmingly against the club we are close to the end of this process and it is probably best that those with an interest in learning the facts remain patient and simply wait for the ftt result the significance of this case is no longer in dispute and there is little need to bang the drum for more publicity for rangers difficulties after all this time we can wait a little while longer for the final outcome filed under general apologia 09 02 2012 1 897 comments just in case some of you do not follow my twitter account imaginatively named rangerstaxcase i realised yesterday that i had made a mistake a few days ago i tweeted and posted that two 2 additional directors of rangers fc had benefited from the employee benefit trust ebt scam that so gravely imperils one of scotland s great institutions this statement followed craig whyte s interview with the sun newspaper where he named ex chairman john mcclelland and ex chief executive martin bain as having participated in the scheme my statement was issued in error a more accurate statement would be to say at least two 2 additional directors of rangers fc used the ebt scam that makes insolvency virtually inevitable i hope that my statement did not cause any inconvenience to anyone this is important because as company directors they had a responsibility to check that the correct amount of tax vat and national insurance contributions were paid and on time company directors are required to act in good faith in the interests of the company as a whole this includes not having or declaring conflicts of interest rangers accounts for the periods covering ebt use do not mention any directors declaring a conflict of interest it is possible that they have declared this in non public board meeting minutes but shareholders would not have been aware of this their obligation to avoid where possible conflicts of interest would have been best served by simply not having any personal benefit from rangers tax strategy sticking their own snouts in the trough rendered them conflicted how can you assess the suitability of a high risk tax strategy for a company when you have a personal incentive and believed at the time no personal liability not a single rangers director is known to have resigned over the issue of tax strategy sir david murray is beloved by many former employees and associates he is renowned for his personal generosity to those who do right by him the question that must be asked did david murray effectively buy off rangers directors opposition by allowing them to participate in the scam on other matters i have been deluged for weeks with questions about the wee tax case has the bill for 2 8m been cleared the status of rangers failure to keep up with paye nic remittances and the nature of my claim that the club had fallen behind on vat payments all that i can safely say just now is that all of these matters are intertwined to explain more on the complexities of the situation just now would be to get too deeply involved in some delicate issues it is best that i just leave this subject alone for now however rest assured that these topics have not been forgotten by any of the interested parties filed under general a victim of our own success 06 02 2012 616 comments in the last week we have seen the final stage of the mainstreaming of the rangerstaxcase story with factional in fighting among current and former executives of rangers fc spilling onto the front pages of our tabloid press even the most sceptical football fan will now understand that rangers face a crisis that threatens their very existence that much is a cause for some satisfaction after ignoring this story for the best part of a year and a half the mainstream media appear to be roused from their stupor it would be difficult for anyone to deny with a straight face the role this blog has had in forcing the uncomfortable truth into the open however the comments section of this blog has simply become unmanageable with over 2 500 replies posted in a matter of five days i do not have time to read them all i have been struggling for a few months to contain potentially defamatory posts but the numbers are simply overwhelming now while i have had many kind offers to help share the burden there are practical reasons for not taking them up i will try to provide a way to allow those who have built this site into something wonderful to continue posting their views but i do not see the utility in this site becoming a general celtic based messageboard there are many excellent sites catering to this need already it has never been my goal to ever be in competition with any of them it was perhaps inevitable that with the explosion of interest in this subject that the nature and quality of comments would change at the risk of being seen to be elitist it was the group of people who contributed content and analysis in the early months who made this site special so i plan on providing a means to allow them to continue posting bear with me as i experiment with settings this would appear to be the best way to avoid the repetition and dilution of content with fewer contributors the old guard and approved posters will find it easier to maintain a running theme there will be a chance for the analysis and fact finding that made this site popular can be retained additionally it would be important to provide a place for fans of all other scottish clubs especially rangers supporters who wish to engage in factual and or informed speculation about events that are unfolding thus far rangers based sites have blindly chosen positions without much analysis anyone wishing to engage in reasoned and informed discussion would be welcome to provide input regardless of opinion i mean no criticism of those who see rangers troubles as a source of amusement there are simply lots of other places more suited to that type of comment i am sure that keeping this blog as a staid and rooted in fact environment will reduce its popularity however if we can revive the original spirit of the blog this will be a price worth paying edit i am going to allow the old comment rules to continue for a while as for the most recent wave of insolvency rumours i can confirm that rangers had instructed their legal advisors to prepare for a possible filin...