HMRC has defended itself against reports that it is responsible for the financial implosion of Rangers' football club, saying it "did not miscalculate anything'.
READ MORE: Would reduction of tax liabilities have saved Rangers?
The tax authority issued a short statement on its Twitter feed, stating: "As widely reported today and to clarify: HMRC won against Rangers’ tax avoidance in the Supreme Court, and did not miscalculate anything."
As widely reported today and to clarify: HMRC won against Rangers’ tax avoidance in the Supreme Court, and did not miscalculate anything
— HMRC Press Office (@HMRCpressoffice) 14 November 2019
The Times newspaper reported yesterday that up to £50 million was set to be wiped off Rangers' tax bill after it emerged that HMRC had mistakenly claimed for too much.
READ MORE: Former HMRC tax inspector says 'grossing up' should not have applied to Rangers players
The Times said the outstanding bill for using a tax avoidance scheme known as Employee Benefit Trusts (EBTs) to pay Rangers players and staff was likely to be reduced to around £20m as a result.
Former Rangers chairman John McClelland said confusion over the club's tax burden had deterred potential investors when the club was put up for sale in 2011, and ultimately culminated in the operating company's collapse under controversial businessman Craig Whyte - who had bought it in may 2011 for £1.
He said: "At the time of the sale of the club in 2011, had the tax claim been at the level now being reported then, in my opinion, the outcome would have been different.
"I believe there would certainly have been a much higher level of interest in acquiring it and therefore more potential buyers."
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