Ibrox Latest: Rangers new tax case emerges as club to face financial implosion which may lead to liquidation

Ibrox Latest: Rangers new tax case emerges as club to face financial implosion which may lead to liquidation

Rangers’ financial collapse, which resulted in insolvency, was unnecessary, according to some.

The Glasgow club collapsed in 2012 when a tax obligation got so large that creditors could not be paid.

However, a frightening new analysis claims that Armageddon might have been avoided, and that Her Majesty’s Revenue and Customs (HMRC) erred in its estimates.

According to The Times, the former corporation that owned the Ibrox club will have £50 million deducted from its tax bill after HMRC admitted it claimed an excessive amount.

It focuses on former Rangers owner Sir David Murray’s use of EBTs, a tax-avoidance method. The owner later sold the club to Craig Whyte for £1 before financial collapse struck.

According to the report, accountancy experts now believe the club owed £20 million, which has been proposed as more manageable and would not have resulted in administration.

According to the story, former Rangers chairman John McClelland feels the club’s nightmare conclusion could have been avoided if the tax bill had been smaller.

He stated, “If the tax claim had been at the amount now being revealed when the club was sold in 2011, the outcome would have been different in my opinion.

“I believe there would have certainly been a much higher level of interest of acquiring it and therefore more potential buyers.”

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