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EIGHT TOP ENGLISH CLUBS FACE TAX THREAT

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EIGHT TOP ENGLISH CLUBS FACE TAX THREAT

Tax investigations have been launched into eight Premier League football clubs, raising fears they could be forced into administration like Rangers. The Scottish club has come unstuck over a £9m tax bill – and a further debt caused by a tax avoidance scheme being ruled illegal which could total as much as £70m.

 

Who do you think it might be?

 

 

Villa, Everton, Man u (hopefully), Spurs, Fulham, Bolton, wolves and Newcastle.

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Who do you think it might be?

 

 

Villa, Everton, Man u (hopefully), Spurs, Fulham, Bolton, wolves and Newcastle.

 

i think its safe to say that the blue shite are definitely one of those 8 clubs,I dont think that the mancs would be stupid enough though

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i think its safe to say that the blue shite are definitely one of those 8 clubs,I dont think that the mancs would be stupid enough though

 

Skint owners who are pretty much doing all they can just to hold onto the club.

I think they are probably quiet high on the list.

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Skint owners who are pretty much doing all they can just to hold onto the club.

I think they are probably quiet high on the list.

 

theres no way those bastards will ever have any threat of admin unfortunately

 

knowing our luck we're there somewhere

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Guest davelfc

This probably includes some former Premiership clubs, but that part has been missed out to make it more sensational.

 

It won't be any of the top 8 clubs, would laugh for a long time if the bluenoses got hit with a four derby hit.

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Skint owners who are pretty much doing all they can just to hold onto the club.

I think they are probably quiet high on the list.

 

imagine if you got them 8 clubs spot on.The other seven would get ten point deductions but somehow them fuckers would get off with it.The FA would probs give them 10 points for their worries

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unfortunately I read this wrong and thought we were now a top 8 team.

 

remember when we were anchored in the top 4, then big 6 now we're top 8.

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Guest davelfc

So if we take away the sensationalism of the healines, it's probably no more than 4 current premiership clubs. I would imagine Blackburn could be one, I would hope everton another as well as Newcastle.

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Sounds like it could be any premiership club as it is to do with holding foreign players pay until they leave the UK so they and the club don't have to pay income tax and national insurance. Inland revenue have deemed this to be illegal now.

Sorry can't say any more as I had a child yapping in the car while it was on the radio but this was the jist of the story.

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I just typed in 'premier league clubs tax' into Google, and it came up with stories by the Torygraph, Daily Fail and that shithouse tabloid. The Torygraph article is here.

 

Premier League sides forced to pay back millions of pounds in tax after crackdown on image rights deals

 

Premier League clubs have paid tens of millions of pounds in backdated tax to Her Majesty’s Revenue and Customs following a wide-ranging investigation of football's finances.

 

By Paul Kelso

6:00AM GMT 15 Feb 2012

 

The mass settlement of up to six years back-tax relating to image rights payments saw as many as 15 Premier League clubs strike a deal with HMRC, including Chelsea, who paid out £6.4million to settle their disputed bill with the authorities.

 

The highlighting of Premier League image-rights deals is part of a deliberate targeting of football by HMRC that has ranged from individuals such as Harry Redknapp, cleared last week of tax evasion, to major clubs including Rangers, who were tipped into administration on Tuesday by owner Craig Whyte in an attempt to avoid tax liabilities he claims could stretch to £75million.

 

The Daily Telegraph revealed on Tuesday that, according to HMRC sources, up to eight Premier League clubs have been scrutinised for the same issue facing Rangers, the use of Employee Benefit Trusts.

 

The Premier League contests that view however, saying that it is not aware of widespread outstanding issues relating to EBTs in England.

 

Under new legislation, companies with disputed EBT issues had to settle them by Dec 31. Arsenal are one club that historically used EBTs to pay some players but they are understood to have resolved any issues with HMRC.

 

The image rights settlement was a rare victory for HMRC in a campaign that has received sharp criticism, notably in the case of Redknapp, who was cleared of all charges following a five-year investigation costing up to £8million over around £80,000 of disputed tax.

 

The image rights settlement came after intervention from the Premier League, which liaised between the taxman and its clubs in an attempt to avert a protracted dispute.

 

Image rights allow a club to pay a portion of a player’s wages in exchange for using their image to promote the club and their sponsors. Payments are made to a separate company, often based offshore, and taxed at a lower rate or not at all.

 

They are attractive for both club and player, but HMRC insisted the system was being abused by clubs, particularly at the lower end of the league, allotting an unrealistic proportion of their payroll to image rights.

 

The league agreed to mediate, helping bring as many as 15 clubs to a settlement with HMRC. The two sides agreed a cut-off date before which payments would not be contested, and agreed a banding system for clubs of differing profiles.

 

Chelsea were among the clubs with the largest tax bill, revealing in their most recent accounts, published last week, that they had paid £6.4million “in relation to an industry-wide investigation into the taxation of payments under image rights”.

 

So, essentially the whole thing revolves around image rights. I'm not sure if that affects the smaller Premier League clubs so it is probably the bigger clubs that are being scrutinised. Apart from perhaps Everton who have well-documented financial problems, I can't quite see how this HMRC 'source' can imply these clubs could be forced down the same path as Rangers.

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The lead story, and the interpretation of it, is a bit misleading. This is about beneficial offshore trusts, and a failure by clubs, the players, or both, to pay tax due.

 

Although in theory, as the play things of the rich, any PL footballer might seek to take advantage of one, in practise they may be more attractive to foreign players who move around a lot and Clubs who want an edge signing them. I also understand that the clubs may no longer be in the PL.

 

West Ham (under the Icelanders) are nailed on, Hull, Everton, Newcastle, Bolton, Fulham , Spurs, Man City and Arsenal would be my favourites. Villa’s previously predominantly British and young player policy probably reduces their exposure.

 

I would love to see the arrangements the FA made to pay Sven and Fabio...........................................

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Since the Portsmouth admin (the first one) PL clubs have had to prove they're up to date with their payments to HMRC so yeah, that opening article is very misleading.

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Who do you think it might be?

 

Basically any club Arry Redknapp and Sam Allardyce have been involved with, plus Everton.

 

And when Arry fucks off to Engurland and then Moyes fucks off to Spurs, it is nailed on that Everton will go into admin not long after. Make no mistake our bog eyed ginger neighbour's transfer savvy is the ONLY thing keeping the wolves from Kenwrights door.

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