With the EBT loans disclosure deadline looming, former Rangers players and staff have been urged to contact HMRC over a settlement or face even greater liabilities. The warning comes in light of the tax bill that hit the former employees following the Supreme Court's ruling that they are liable to pay tax on the total amount of £47 million paid to employees through the use of EBT loans.
Many of the employees, who led to believe that these were loans that would never have to be repaid, now face significant tax bills and experts are warning them to seek urgent advice. For some individuals, the tax bill could put them on the hook for as much as hundreds of thousands, if not millions of pounds. This includes individuals such as former owner Sir David Murray who received £6.3 million through EBTs, and former captain Barry Ferguson, who received £2.5 million in EBT payments.
HMRC has stated that the individuals concerned must approach them over a settlement by no later than 30 September 2018, or else have further charges applied come 5th April 2019 should matters not be settled. In a letter sent from HMRC to the individuals they said: "If you do not come forward voluntarily and seek to settle on preferential terms, HMRC could well pursue you directly and make an assessment on a less favourable basis."
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