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Ally McCoist vents his outrage after Rangers charged £50m EXTRA in tax that led to club's administration

Former Rangers player and manager Ally McCoist
Former Rangers player and manager Ally McCoist

Rangers legend Ally McCoist has hit out at HMRC after claims that they overcharged Rangers for their use of Employee Benefit Trusts (EBTs).

The former Gers striker was manager of the club when it entered administration in 2012 after collapsing financially under Craig Whyte's stewardship.

Back then, HMRC announced that the club owed a staggering £70million in debts, sending Rangers into financial ruin and dropping them down to the lowest professional tier of Scottish football.

However, a report in The Times on Thursday has claimed that the Light Blues were charged £50million EXTRA in debt due to their use of EBTs.

Ibrox hero McCoist believes that the club should have shouldered what should have been a £20million debt instead and that people unfairly lost their jobs because of the error.

"It’s safe to say it’s the most traumatic time in Rangers Football Club’s history. If there’s mistakes being made then people have to answer questions," blasted McCoist on TalkSPORT.

"The legalities of it are still ongoing, I think Rangers won a couple of court cases then lost one.

"David Murray, but the EBTs go all the way back to 2000. A lot of clubs had them, there’s no doubt about it.

"A lot of people felt Rangers were a test case for HMRC, the fact of the matter is we’re reading the front page of The Times up in Scotland they reckon that the tax authorities have acknowledged they claimed too much from Rangers.

"We’re talking in the region of £50m. The figures they are speaking about, the claim was around £70m for using EBTs but that figure is now believed to be around £20m. It’s completely different outlook because that’s a debt Rangers could have handled.

"Nothing would have happened. Wouldn’t have gone into administration, wouldn’t have gone into liquidation.

"It was horrendous, the worst part of it was people have lost their jobs needlessly. It’s completely and utterly unacceptable. It really is.

"There’s a quote from John McClelland who is a former Rangers chairman, a great chairman, which said along the lines of ‘had the tax claim been what was reported then the outcome would have been completely different’.

"He thinks, and I agree with him, that if the debt was £20m then that could have been handled quite easily. It’s a lot of money but it’s £2m a year from 2001 to 2010.

"It’s a lot of money and the fact of the matter is, had that been the debt it would have been a lot more lucrative a proposition for buyers than it was with the bigger debt.

"This is an ongoing issue, it’s massive. It’s still in the early stages of it but clearly questions have to be asked and hopefully answered."

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