Wednesday, 28 December 2011

Football clubs next target for taxman

Football clubs and other high-earning companies are set to be the next target of the taxman, as Her Majesty's Revenue & Customs (HMRC) seeks to claw back money it has lost to high-profile tax dodgers.Following the embarrassing revelations over the £10 million-plus tax deal that benefited investment bank, Goldman Sachs, HMRC is now looking to try to recover some £2 billion from companies with Employee Benefit Trusts.The national tax body said they had offered these companies the opportunity to settle their tax liabilities earlier this year, but there had been very little response so they are planning to embark on a tougher course of action. The trusts are used by companies that pay high wages to some employees to allow them to receive tax rates of as little as one per cent. The employees are paid through those offshore trust and can use the assets to buy luxury goods like expensive homes and yachts. Glasgow Rangers Football Club is currently going through the courts on the matter, after HMRC presented the club with a tax bill in excess of £49 million.An HMRC spokesman said that the offer to settle the bills amicably would stand until December 31, after which date more stringent proceedings will be started.

http://www.50percenttax.co.uk/index/2011/12/28/football-clubs-next-target-for-taxman.html

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