Ibrox legends like Barry Ferguson and Graeme Souness, along with former owner Sir David Murray, made millions from the tax-free “loans”.
But experts have now warned that some of the former players could be left bankrupt through the clampdown, which is due to come into force in 2019, report the Daily Record.
Earlier this month the Chancellor laid down a pledge to pursue all individuals who have benefited from “disguised remuneration schemes” – of which the Employee Benefits Trust introduced by Murray was a prime example.
Rangers stars and senior staff during the club’s controversial EBT years between 2001 and 2010 raked in £47.65million from the scheme.
The crackdown on EBTs will combine with ongoing court proceedings by HM Revenue and Customs against “oldco” Rangers as an effective double whammy.
Liquidators for the Rangers oldco are embroiled in a long-running legal dispute with the taxman over the Big Tax Case, which will finally be decided in the Supreme Court in coming months.
The taxman claims the loans were never going to be repaid and the scheme was a brazen tax dodge.
Osborne’s new legislation means that, even if the court action by the taxman fails to prove the EBTs were paid as a top-up to wages, Rangers oldco and the players can expect massive tax demands to pop through their letterboxes when the crackdown comes into force in just three years.
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