Dozens of former Rangers (IL) players are about to be contacted by BDO to pay off the tax elements of their secondary contracts.
While players like Barry Ferguson, Neil McCann, Alex Rae and Steven Thompson signed side letters putting any tax liability in the hands of the club the ruling from the Supreme Court earlier this month is a game changer.
The argument that the players were given discretionary loans was demolished by the side letters leaving the players liable for tax, national insurance, interest and penalties.
After BDO lost their appeal against HMRC they have decided to chase up the players, managers, directors and backroom staff that befitted from the dual contracts as they attempt to maximise the creditors pot for the 276 individuals and groups that lost everything when the football club died in 2012.
In The Herald this morning they explained how The Rangers FC Group and Sevco 5088 were advancing legal claims against the Ibrox clubs.
At the end of the article it claimed: “BDO will now also pursue more than 80 former players and staff, like Murray and former club captain Barry Ferguson, who benefited from an elaborate tax avoidance scheme – Employee Benefit Trusts, which the Supreme Court ruled were disguised salary payments.
“The recipients will be forced to pay back millions of pounds to the HMRC through BDO or face bankruptcy. It is believed that the Revenue has recovered more than £1bn from other of those schemes.”
CLICK HERE for the BBC list of who received dual contract payments.