Former Rangers stars could find themselves in deep financial trouble under new legislation aimed at targeting individuals who benefitted from EBTs, according to reports.
Chancellor George Osborne set out plans in the 2016 Budget aimed at claiming back £24 billion in tax by 2021.
Along with going after companies, Osborne stated that individuals who benefitted from what he called “disguised remuneration schemes” would also be targeted.
That means a number of Rangers stars could find themselves saddled with a huge bill once the new legislation comes into effect, which is expected to happen in 2019.
Those who don’t have enough money stored away to pay off the bill could find their assets taken or being forced to file for bankruptcy.
HMRC’s case against Rangers will enter its final chapter later this year when the appeal over the Big Tax Case reaches the Supreme Court. However, even if the oldco liquidators win the case and it’s found the club did not break tax rules, the players could still be liable to pay back some of those previous earnings.
Accountancy expert Andrew Watters told the Daily Record: “I am sure that people could be bankrupted by this.
“If the court finds against them, they will owe tax in any event.
“If the court finds for them, they will have to look at the detail of the new legislation.”
THE SCOTSMAN ON SOCIAL MEDIA