Inland Revenue

[Jason123]

Not sure how true it is...

Speaking to the neighbour who has done some work for a guy who has business dealing with the inland revenue

(not making this up)

He said that we are trying our best not to get promoted this season, if we did they maybe a massive Inland Revenue Bill to pay in excess of 20+ Million... Was a clause in the deal when we went under that if we got back in the premier league we were duty bound to pay it back...

Could this be a reason why he seems to want to consolodate our position rather than spend millions and the carefulness of the business he is conducting.

Just filling you in on conversation this afternoon...

[YorkshireSquare]

We came out of admin without a Company Voluntary Arrangement (CVA), hence the 15 point deduction so I don't beleive any such clauses exist.

I beleive we aren't spending because there isn't that much cash to spend.

[Jason123]

We came out of admin without a Company Voluntary Arrangement (CVA), hence the 15 point deduction so I don't beleive any such clauses exist.

I beleive we aren't spending because there isn't that much cash to spend.

True just saying what my neighbour said not sure weather it was right would not suprise me though if they had a big secret at leeds they dont even tell us when players are getting to fitness what is another lie lol.....

Agree not much money about... If Somma can repeat form then SG may have judged him right...

[Twiggster]

Seems so long ago now - tho it is only 3 years.....but I do remember some clause that we'd have to pay creditors off in full, if we got back into the Prem within 5 years after going into administration?
But I think that was the original administration deal, when we were "old club".
The taxman stepped in and the "new club" was formed and as Shieldsy says - the CVA was rejected and we got the points deduction.
The debts were under the "old club", so I reckon there is no way the "new club" can be penalised for the "old clubs" debts.

[mattj13]

I got told by someone at BT we never pay our phone bill

Its true that about the 5 years and Inland Revenue, but this isn't the reason Leeds wont go up, consolidation is the key this year.

[leedsunited4eva]

Even if it was true and we did get promoted we could afford it, the prize money for promotion should easily cover it. look at Blackpool, didn't they get 90 million for making it to the premiership???

[CSA]

I heared it from a reliable source today that if we get promoted this season we will be automatically relegated to league 2.
Get a grip folks !!!

[joluafc4eva]

I heared it from a reliable source today that if we get promoted this season we will be automatically relegated to league 2.
Get a grip folks !!!

[Twiggster]

I heared it from a reliable source today

Poster Location: South Leeds.........

[Ronan]

....i wouldn't worry too much......not the way the HMRC is being run at the moment !!

[CSA]

Poster Location: South Leeds.........

Sauces don't get more reliable than mine

[Drs.Dad]

Not sure how true it is...

Speaking to the neighbour who has done some work for a guy who has business dealing with the inland revenue

(not making this up)

He said that we are trying our best not to get promoted this season, if we did they maybe a massive Inland Revenue Bill to pay in excess of 20+ Million... Was a clause in the deal when we went under that if we got back in the premier league we were duty bound to pay it back...

Could this be a reason why he seems to want to consolodate our position rather than spend millions and the carefulness of the business he is conducting.

Just filling you in on conversation this afternoon...

Quotation taken directly from the Leeds United Annual Accounts for the last two years.........


"In the event of the club reaching the FA Premier League before 2017 a liability of £5,000,000 would be incurred under the terms of the acquisition of the business from Leeds United Association Football Club Limited"

[Twiggster]

A liability payment to WHO tho Docdad?
Creditors ceased to exist surely, when "new club" was formed? All debts were with "old club"?

Jeez mate - don't you wish for the good old days, when all we had to worry about was if Jones and Lash would be fit for Saturday?

[Jason123]

Taken from no website..... ffs

Dont live in South Leeds either!

[CSA]

Taken from no website..... ffs

Dont live in South Leeds either!

Wish i had a pound for all the rumours surrounding LUFC. chill pal we are OK promotion or not.

[Drs.Dad]

A liability payment to WHO tho Docdad?
Creditors ceased to exist surely, when "new club" was formed? All debts were with "old club"?

Jeez mate - don't you wish for the good old days, when all we had to worry about was if Jones and Lash would be fit for Saturday?

It doesn't say Billy, that is the sentence in it's entirety, and no other reference to the debt elsewhere, but if the club acknowledges it in the annual accounts, then it certainly exists (it's probably the taxman, they NEVER give up on 'their' money.

[Martyn]

It doesn't say Billy, that is the sentence in it's entirety, and no other reference to the debt elsewhere, but if the club acknowledges it in the annual accounts, then it certainly exists (it's probably the taxman, they NEVER give up on 'their' money.

But do remember - it's not "their" money, it's ours as taxpayers. It's a fair question as to why a tax-exile living in Monaco should be allowed to get away with deducting tax from the players' salaries but not passing it over to HMRC.

[Drs.Dad]

[
But do remember - it's not "their" money, it's ours as taxpayers. It's a fair question as to why a tax-exile living in Monaco should be allowed to get away with deducting tax from the players' salaries but not passing it over to HMRC.

Which is why I put the their in speech quotes! Have a look at Papa's programme notes in Saturdays programme, He says that he paid tax on the money he got from selling Chelsea, then moved to Monaco, and has had no direct income since, thus is not avoiding any tax in the UK, he lives there 'cos he likes it and wants to!

[Martyn]

Which is why I put the their in speech quotes! Have a look at Papa's programme notes in Saturdays programme, He says that he paid tax on the money he got from selling Chelsea, then moved to Monaco, and has had no direct income since, thus is not avoiding any tax in the UK, he lives there 'cos he likes it and wants to!

And as always, I believe every word the kindly old gentleman says.

[YorkshireSquare]

no direct income since

Hmm, notice the use of the words 'direct income', obviously it doesnt count if your money comes through various trusts and off shore accounts, its not direct then so obviously shouldn't be taxable.