HM Revenue and Customs have, as expected, lodged an appeal against the First tier tribunal verdict over Rangers’ use of Employee Benefit Trusts (EBTs).
HMRC claimed that the EBT scheme, which Rangers used from 2001 to 2010 to make payments of around £50 million to players and staff in the form of tax-free loans, was illegal. Rangers disputed HMRC allegations and a First tier tribunal ruled in favour of Rangers.
Howver, HMRC have now appealed that decision and the appeal will be heard at a Second tier tax tribunal.
Earlier today HMRC had announced that they had been granted leave to appeal against the initial decision and they have lodged said appeal thereafter. If the dispute is not settled at the STT, then the case could go all the way to the Supreme Court and that could take years.