Celtic FC Has Been Cleared By SPL For Its Use Of Employee Benefit Trust
The Scottish Premier League revealed Wednesday that it "has investigated Celtic’s use of an Employee Benefit Trust and is satisfied that no rules were breached," according to Lisa Gray of the SCOTSMAN. Reports stated that an EBT was used "while Brazilian midfielder Juninho was at the club." EBTs typically involve "an employer depositing money in a trust, which is paid out to beneficiaries in the form of tax-free loans." Such payments "should not be made on a contractual basis," as it would make them part of an employee’s salary and subject to tax and national insurance. It was announced that an independent commission, appointed by the SPL, "will begin a hearing into Rangers’ alleged use of dual contracts." With regards to the alleged undisclosed payments by Rangers, the SPL-appointed commission revealed that "it will proceed with its inquiry next month after considering all the preliminary issues over two days of initial meetings" (SCOTSMAN, 9/13).
RANGERS CEO CHALLENGED: The Scottish DAILY RECORD's DAILY RECORD, 9/13). The SCOTSMAN reported that Rangers have received £272,000 ($438,573) from UEFA for their players’ involvement in Euro 2012, but the cash "will go straight to the accountants responsible for winding up the oldco." The payment, from UEFA’s fund for clubs whose players took part in the tournament, "is expected to go to BDO," the accountancy firm in charge of liquidating the club (SCOTSMAN, 9/13).reported that the SPL challenged Rangers CEO Charles Green "to put up or shut up" as it cleared Celtic of any EBT wrongdoings. Green claimed earlier this week "more than two" SPL clubs also operated the controversial tax avoidance scheme. He added he would "rather not say" which clubs he believed operated the schemes but added: "I have put my hand up and they should do the same" (