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Rangers are Rocking; Scottys Financial insight inside.


Speirs  

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  1. 1. Was Speirs talking the truth or lying

    • Yes
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      10

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38 minutes ago, Parklife said:

http://www.heraldscotland.com/news/15432375.Former_Rangers_star_Barry_Ferguson_transferred_luxury_mansion_into_wife_s_name_before_bankruptcy/

FORMER Rangers star Barry Ferguson transferred his luxury mansion into his wife's name six years before his bankruptcy, it has emerged.

The ex-Scotland captain, applied for bankruptcy after accumulating debts of more than 1.4 million, gifted his joint share in the house to wife Margaret.

Their home is a gated property near Larkhall, Lanarkshire, which the couple bought for £1.2 million in 2003.

Property records show Mrs Ferguson, 39, became the sole owner in November, 2011, when the footballer handed over his interest in the home for 'love, favour and affection'.

Under bankruptcy laws, an asset which has been transferred more than five years before the date a person is made bankrupt cannot be used to pay off their debts.

Ferguson also gave up all his company directorships in firms which he ran with his wife.

He resigned as a director from an investment company, a nursery business and a media firm during 2013 and 2014 but Mrs Ferguson remains involved in them all.

He is one of a number of former Ibrox stars who faced paying back money they had received in Employee Benefit Trusts after Rangers lost a battle with HMRC at the Supreme Court.

Ferguson received £2.5 million in EBT payments and invested in a film production partnership called Eclipse which was ruled to be a tax avoidance scheme.

The Rangers 'big tax case' found more than £47million was paid to players, managers and directors in EBTs between 2001 and 2010.

A spokesman for HMRC said: "We do not comment on identifiable taxpayers."

So he's not that daft.

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14 minutes ago, phart said:

He's left himself with 3k of assets after his career and that's categorized as "not that daft". What sort of bar are we setting here.

 

Sounds like he was hedging against the EBTs so on that basis he - or his advisors - had a fair bit of foresight.   He may have no assets but it sounds like his wife has everything.  

The ones that are daft will be those that didn't take any mitigating actions. 

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24 minutes ago, Larky Masher said:

But his wife is minted. had he not transferred the assets they'd have nothing.

I understand the events. His fortune is now dependent on someone else. Where there is a 42% of a split at some point during lifetime.

Just saying it's hardly been the heist of the century all this faffing about and 3k to show at the end of it.

If we take the starting point as november 2011, then he has done what he can to mitigate his losses by giving his money away to someone he trusts. So within that time frame i guess it's some good moves made years in advance, good forward planning, which doesn't offset the terrible idea of trying to avoid large amounts of tax in the first place.

However if you take it as the whole time, you have an adult who earned millions but only has 3k to show for it and a dependency on another adult for his lifestyle.

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20 minutes ago, aaid said:

Sounds like he was hedging against the EBTs so on that basis he - or his advisors - had a fair bit of foresight.   He may have no assets but it sounds like his wife has everything.  

The ones that are daft will be those that didn't take any mitigating actions. 

Yeah on that time-frame then it is as you say.

As a whole though, being as good as he was, being paid what he was, to only have 3k assets after it is all said in done makes you daft as feck. It's a cautionary tale of greed, not an inspiring tale of not being daft.

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1 hour ago, phart said:

I understand the events. His fortune is now dependent on someone else. Where there is a 42% of a split at some point during lifetime.

Just saying it's hardly been the heist of the century all this faffing about and 3k to show at the end of it.

If we take the starting point as november 2011, then he has done what he can to mitigate his losses by giving his money away to someone he trusts. So within that time frame i guess it's some good moves made years in advance, good forward planning, which doesn't offset the terrible idea of trying to avoid large amounts of tax in the first place.

However if you take it as the whole time, you have an adult who earned millions but only has 3k to show for it and a dependency on another adult for his lifestyle.

Nobody suggested it was the heist of the century.

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4 hours ago, thplinth said:

Wow did not realize how heavy this is...

Ouch. This is going to ruin many many people.

 

The interesting point was when the films actually made money. Because they were set up to take advantage of tax losses, those that were successful sometimes ended up costing the investors much more.

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http://www.bbc.co.uk/sport/football/40727182

and there it is, proof if it was even needed that football here is corrupt to the core. If I were still up in the north east there's no way I would be renewing my season ticket.

In any other sport, the titles would be voided but not here because the rats running the game are up to their necks in it too.

Close the doors, Scottish football is finished.

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3 minutes ago, vanderark14 said:

http://www.bbc.co.uk/sport/football/40727182

and there it is, proof if it was even needed that football here is corrupt to the core. If I were still up in the north east there's no way I would be renewing my season ticket.

In any other sport, the titles would be voided but not here because the rats running the game are up to their necks in it too.

Close the doors, Scottish football is finished.

Seems odd that the line they are spinning is that they have no legal basis to take disciplinary action, yet as far as I am aware no one wanted disciplinary action, all that was requested was the titles are stripped or a simple asterix against those years.

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3 minutes ago, Mox said:

Seems odd that the line they are spinning is that they have no legal basis to take disciplinary action, yet as far as I am aware no one wanted disciplinary action, all that was requested was the titles are stripped or a simple asterix against those years.

I guess none of us should be surprised at this latest pile of shite from the SPFL. They are spineless and up to their neck in this. 

Whats the point of this league if those in charge are openly favouring one club?

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Well done to the SPFL for having the common sense to have (Independent reviewer) Gerry Moynihan QC deal with this and come to the correct decision and outcome.

About time there was some Transparency, and it has been provided.  Hopefully everyone can now move on from this.

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20 hours ago, Parklife said:

http://www.heraldscotland.com/news/15432375.Former_Rangers_star_Barry_Ferguson_transferred_luxury_mansion_into_wife_s_name_before_bankruptcy/

FORMER Rangers star Barry Ferguson transferred his luxury mansion into his wife's name six years before his bankruptcy, it has emerged.

The ex-Scotland captain, applied for bankruptcy after accumulating debts of more than 1.4 million, gifted his joint share in the house to wife Margaret.

Their home is a gated property near Larkhall, Lanarkshire, which the couple bought for £1.2 million in 2003.

Property records show Mrs Ferguson, 39, became the sole owner in November, 2011, when the footballer handed over his interest in the home for 'love, favour and affection'.

Under bankruptcy laws, an asset which has been transferred more than five years before the date a person is made bankrupt cannot be used to pay off their debts.

Ferguson also gave up all his company directorships in firms which he ran with his wife.

He resigned as a director from an investment company, a nursery business and a media firm during 2013 and 2014 but Mrs Ferguson remains involved in them all.

He is one of a number of former Ibrox stars who faced paying back money they had received in Employee Benefit Trusts after Rangers lost a battle with HMRC at the Supreme Court.

Ferguson received £2.5 million in EBT payments and invested in a film production partnership called Eclipse which was ruled to be a tax avoidance scheme.

The Rangers 'big tax case' found more than £47million was paid to players, managers and directors in EBTs between 2001 and 2010.

A spokesman for HMRC said: "We do not comment on identifiable taxpayers."

So Barry's wife is now effectively a prostitute.

Would be funny as feck if she gave Barry his P45 and ran away with the postman the day after he's declared bankrupt, leaving him destitute.

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