Rangers’ creditors receive seven-figure bonus after HMRC cut

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Creditors of The Rangers Football Club PLC have received a £1 million bonus this Christmas after HMRC reduced the amount of money they are owed.

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Ibrox stadium. Picture: John Devlin

Ibrox stadium. Picture: John Devlin

Liquidators BDO will distribute the funds after informing creditors of the latest update.

They said in a report, date 7 December: “The panel have recently agreed with our submission in its entirety and the element of HMRC’s claim pertaining to penalties has now been withdrawn in full.”

The taxman previously claimed that oldco Rangers owed £94 million in unpaid tax, £74 million of which related to the Big Tax Case after years of payments to players and staff through Employee Benefit Trusts.

That has now been reduced to £68.3 million after BDO successfully argued the original figure was too high.

The previous company owed money to 270 individuals, businesses or groups.