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SBD Global/November 21, 2012/Franchises
Rangers FC Win Tax Case Appeal Over Use Of Employee Benefit Trusts
Published November 21, 2012
RANGERS SATISFIED: The LONDON TIMES reported Murray International Holdings, "which was the majority shareholder of the oldco club until Craig Whyte's takeover in May '11," declared in a statement: "We are satisfied that the Tax Tribunal has now published its widely awaited decision and note the contents thereof." The decision "does not affect the current football club at Ibrox" (LONDON TIMES, 11/20). In London, Vanessa Houlder reported the judges did not reach a unanimous verdict, and Revenue & Customs said that it was "considering an appeal." In her dissenting opinion, Judge Heidi Poon ruled that payments from the trust should be construed as “emoluments” for the purposes of tax. She said there appeared to be a layer of “camouflaged clothing” over the real arrangements in the case (FINANCIAL TIMES, 11/20).