RANGERS do not expect to be stripped of any titles as a result of a court yesterday ruling in favour of Her Majesty’s Revenue and Customs in the so-called “Big Tax Case”.

The Court of Session in Edinburgh upheld an HMRC appeal and decided that the use of Employee Benefit Trusts (EBTs) had broken tax rules.

The oldco company, which was placed into liquidation in October 2012, is now liable for a £46.2m bill over the use of the scheme to make payments to players, managers and staff.

There were renewed calls for the Ibrox club to be stripped of the titles and trophies they won when EBTs were being used between 2001 and 2010 following the announcement.

However, senior club officials believe the findings of the independent commission set up by the Scottish Premier League to investigate all financial arrangements between Rangers and its players during that period still stand.

The independent commission, which was chaired by Lord Nimmo Smith, considered allegations that the Glasgow club had breached SPL and Scottish Football Association rules by failing to disclose EBT payments. It had been claimed that Rangers, who won the Scottish title in 2003, 2005, 2009 and 2010, had fielded ineligible players as a result.

The commissioners ruled the payments were not themselves in breach of SPL or SFA rules – but imposed a penalty of £250,000 for their non-disclosure.

They also decided that Rangers did not gain any unfair competitive advantage and the registered players were eligible to play – and advised that no sporting sanction should be imposed upon Rangers.

It remains to be seen, though, if yesterday’s ruling has an impact on that. An SPFL spokesman said the governing body would “take time to carefully consider this lengthy and complex judgment”.

Alex McLeish, who was manager of Rangers when the Ibrox club won the top flight title in 2003 and 2005, was asked about the prospect of the Ibrox club being stripped of titles and trophies in 2012.

McLeish, who spent five years in charge of the club he supported as a boy between 2001 and 2006, said that he did not feel that course of action would be fair. “We did nothing wrong,” he said. “It would be very disappointing if that was to happen to Rangers and I don’t believe it should.

“If a guy turns up at my door looking for the medals back, he’ll be getting a right-hander. If they officially took away the titles, it would be difficult for me to accept. No-one can ever take away my memories. No-one could take away the achievements.”

Former Celtic manager Martin O’Neill, meanwhile, was reluctant to advocate any retrospective punishment despite the fact that Celtic lost out on two final day titles under his tenure at the club in 2003 and 2005, insisting that whatever action is taken years later does little to affect what happened at the time.

“What is comes down to is this: there were titles and cups that were won and lost on a field of play when two teams went up against one another,” he said. “You do not know what is going on at a football club behind the scenes and you assume that everything is as it appears.

“But these games were played a long time ago and as far as I am concerned, all these years later my emotions have not changed in terms of how I recall those great days of winning the title with Celtic and the bitter disappointment when we did not. Memories of times of great joy and times of loss stay the same.

“There is nothing that can change how I feel about those experiences. The games were won and lost at the time and there is nothing now that is going to change that. It is not as if you are going to feel any better about for it, whatever happens.”

Meanwhile, Rangers are waiting on the outcome of a tribunal into whether they have to pay the SPFL an outstanding debt of £400,000.

The £250,000 fine, plus £150,000 in costs, were imposed on the oldco by the SPL. The newco is being pursued by the SPFL. The newco took on the oldco’s football debts when the SFA membership was transferred in July 2012 - but it was widely believed they would not be liable for the fine imposed in February 2013.

The commission ruled: “There is no allegation that the current owner and operator of the club contravened the SPL rules or could be held responsible for any breach by oldco.”