The Daily Record has racked up it’s highly selective news agenda by using a picture of Neil Lennon and Peter Lawwell alongside the story that HMRC has won a case against Ingenious Media.
Dozens of ‘celebrities’ invested in the scheme as individuals in the early noughties including Barry Ferguson, Walter Smith, Archie Knox and Martin O’Neill which basically exploited a scheme where funds invested in the British film industry were subject to tax breaks.
In October 2016 the Record claimed that the scheme had led to Gordon Durie and Darren Jackson being declared bankrupt.
So far this week the Glasgow based publisher has refused to touch the story that the club from Ibrox won’t be able to wear Hummel kit next season with September 23 set as the date that Sports Direct will discover how many millions of pounds they will be awarded in damages.
After explaining some details of the Ingenious tax case the Record reveals:
Celtic chief Peter Lawwell, manager Neil Lennon and other former Parkhead stars were also members. The case at the Upper Tribunal was heard for over three weeks this spring. In 2016 a Daily Record investigation revealed the Hoops chief executive, along with several former players and managers, invested in a number of controversial film partnerships set up by the London firm.
HMRC branded the Limited Liability Partnership (LLP) schemes as sophisticated tax avoidance. Investment in the LLPs was promoted by members of the Ingenious Media Group 25 (Ingenious) to individual high- net worth investors. HMRC issued multi-million-pound bills to hundreds of Ingenious clients after winning an initial tax tribunal victory in 2016.
While some settled bills, others have held out to await the final outcome. Ingenious will be allowed to appeal the decision, but those who joined the scheme and have not settled with the taxman will face huge bills and interest and penalties if the appeal fails.Companies House records show Lawwell and former manager Martin O’Neill became members of Ingenious’s Inside Track 3 LLP in 2004. Lennon was a member of Ingenious Film Partners 2 LLP between 2006 and 2011.
Record columnist Ferguson was declared bankrupt in July 2017 on the back of the Ingenious case having transferred all of his assets into the name of his wife several years earlier.
Today’s Record report makes no mention of their star writer. Unlike over a decade of in-house club organised tax evasion created by David Murray as owner of ‘Rangers’ the Ingenious scheme was a matter of individual choice with no liability falling on employers.
Despite their higly selective news coverage the Record will get the red carpet treatment for coverage at Lennoxtown and Celtic Park for the SPFL opener against St Johnstone.