The legal battle which has gone on for over a decade is now over
Rangers' lengthy 'Big Tax' case has been brought to a close after the HMRC agreed to a £56 million settlement.A vast majority of the cash overdue is related to the controversial employee benefit trusts scheme, which saw players and staff receiving payments. Around £48million was dished to a variety of employees, including club icons Craig Moore, Lorenzo Amoruso, Kris Boyd, Barry Ferguson, Graeme Souness, Alex Mcleish and Fernando Ricksen, reports the Daily Record.
"This composite settlement represents an agreed reduction to HMRC’s initial submitted claim in the liquidation. As a result, all other unsecured creditors should receive dividends totalling approximately 5.3p in the £ more than they would have otherwise received. It also negates the need for further protracted litigation which could have been costly to the liquidation estate.
HMRC claimed they were owed £94.4million in 2012 as part of the club's total debts which amounted to £168.8million.
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