Rangers statement: Duff & Phelps release statement on EBTs

RANGERS administrators have released a statement on the club’s official website concerning the use of the Employee Benefit Trust scheme (EBT).

In the statement, Paul Clark, joint administrator, said: “The use of EBTs at Rangers goes back many years and was a matter of public record in the annual accounts. Our primary focus has been ensuring the survival of Rangers Football Club and attracting a new buyer for the business as well as investigating the financial situation at the Club since the takeover in May 2011. We and the Club will continue to give every assistance to the football authorities on issues affecting the Club. It should, however, be noted that the First Tier Tax tribunal has yet to publish its findings in relation to the use of EBTs.”

The EBTs are at the centre of an outstanding tax case brought by HMRC against Rangers, the outcome of which has yet to be announced.

Rangers owe a total of £49 million to HMRC, £35 million of which accounts for unpaid tax and interest on payments made to Rangers players and staff through the EBT scheme.