GenericSevco/Rangers meltdown thread
First post,long time lurker. I was an IFA for many years. We wouldn't touch EBT's as we always felt they were likely to be questioned and HMRC wouldn't be clear on whether they were acceptable. What they did make clear was that they could not be for a particular individual and that payments to the trust could not be by regular instalments. The side letters meant that they would fail HMRC's rules from day one. There can be no dispute that they failed the SFA's own rules despite Sandy Bryson's imperfectly registered nonsense.When others say that other clubs had EBT's do they know how they were run? The only other club that I know to have an EBT was Celtic and they cancelled it and settled with HMRC.There may have been others in Scotland but the point is that Rangers EBT's were never correctly operated and in David Murrays and Alec McLeish own words allowed them to sign players they would not have been able to otherwise. When Rangers played Hibs at Easter Road , I think in 2003,to win the league, everyone of their players and manager was on an EBT.
Twice Rangers denied having side letters when asked by the SFA and they only came to light when the Metropolitan police were investigating the transfer of Boumsong.Why would they deny there existence if they did not know they were illegal from a tax aspect and from the SFA rules.