Rangers lost out on investors over ‘overstated’ tax bill
Ibrox: suffered financial setback (pic: SNS Group)
Rangers lost out on potential investors after tax officers overestimated the club’s tax bill by ‘up to £50 million’, according to a former chairman.
Its actual tax bill should have been about £20 million between 2001 and 2010 when the Ibrox club was using an offshore trust to pay players and staff.
HMRC is reported to have acknowledged that its demand was too high and that up to £50m could be wiped from the old operating company’s tax bill.
Former Rangers chairman John McClelland has told The Times that the miscalculated tax bill deterred potential investors, which ultimately led to liquidation in 2012.
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 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.”
It is understood a £24 million penalty charge against ‘oldco’ Rangers has been wiped out and a further £2 million has been erased.