Tag Archives: Keith Jackson

The Record’s Rangers IPO Speculation and a Polite Correction for Keith Jackson

Keith Jackson has succeeded James Traynor as the “big cheese” at the Record Sports Department (for which read Football Department!)

He wrote a piece yesterday (Monday) which has the temerity to suggest that the Rangers share issue might not be as successful as many have said it will be. Clearly Mr Jackson’s sources must be wrong, bearing in mind all that has been issued officially and unofficially from Ibrox about the IPO.

And I can exclusively reveal some gross errors in his piece today. You can find the article here.

Some extracts are below, but I recommend you read the full piece.

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THERE’S a touch of the Boycotts about Charles Green. And it has nothing to do with not taking tickets for Tannadice.

For six months this eccentric, torn-faced Yorkshireman has been strutting around Scottish football, smashing almost everything and everyone for six.

His aggressive, sleeves-rolled-up batting style has been fun to watch and, at times, pretty spectacular too.

It must be said, when it was announced only 10 or so days ago that he had secured £17m worth of reasonably blue chip institutional investment in his planned flotation, many a flat cap was doffed in Green’s direction. This was arguably an even more impressive success than his snake charming act on the masses. Continue reading

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Guess Who the Record Condemned as “Morally Bankrupt” with “Indefensible Greed” for Using “Sleight of Hand” to Avoid Taxes?

Whilst the First Tier Tribunal found, by a majority, in favour of MIH in the EBT case, the judges on all sides were of a mind that the scheme used was an artificial one for the purposes of reducing tax bills. The majority found that the form triumphed over the substance, whilst the dissenting judge favoured the reverse. These issues will be dealt with again, should HMRC decide to appeal.

As the majority commented:-

“The terms of the Appellants’ internal memos and communications anent the operation of the Remuneration Trust were highlighted by Mr Thomson. This had been a major feature emerging from HM Inspectors’ investigation. While these are suggestive of “aggressive” tax avoidance, we are conscious that they were composed by lay persons without specialist legal experience.”

And

“We are unable to make further Findings-in-Fact in support of there being an orchestrated scheme extending to the payment in effect of wages or salary absolutely and unreservedly to the employees involved”.

Dr Poon, in the minority said:-

“I disagree that the legal form of a transaction with its corollary legal effect is conclusive as a dictum in applying the Ramsay principle, and make extra Findings-in-Law regarding Ramsay and its application to the present case.

And

“I am guided by ‘the ultimate question’: ‘whether the relevant statutory provisions, construed purposively, were intended to apply to the transaction, viewed realistically’. To that end, the facts that inform me regarding the realistic nature of the transaction are more widely characterised than the legal form of the transaction.

And

“Secondly, in following the edicts for any trier of fact laid down in Heaton v Bell [1970] AC728 at 748B [Lord Morris], ‘The quest must be to find the realities of the arrangements that were agreed,’ and at 760E [Lord Upjohn], ‘having ascertained the real nature of the transaction, you cannot … disguise it by using camouflaged clothing’, I have highlighted areas of conflicting evidence and drawn my conclusions as to what I regard as the real nature of the transaction.”

It is fair to say that there was no attempt, as far as I am aware, by MIH to suggest that this was a scheme devised for anything other than tax purposes. Continue reading

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Filed under Daily Record, HMRC v Rangers