The issue is that the TAX/NI/VAT has already been deferred from previous years. They have the powers to take more direct action and seize assets through baliffs but they probably realised (like the fans) that there aren't any assets that will cover the liability.
Personally, I expect that the revenue will use it's powers to investigate the tax issues at Leeds even further and wouldn't be surprised if they go back several more years to try to recover more cash. Let's be honest, there is only so far that you can push your luck and as a tax-exile you are going to push it sooner rather than later. As I mentioned the other day HMRC are very unlikely to want to write-off or accept 1p in the pound for this particular debt as the terms have to be accepted by the Exchequer. ----- Original Message ----- From: "Mark Humphries" <[EMAIL PROTECTED]> To: "'John Boocock'" <[EMAIL PROTECTED]>; "'LEEDS LIST'" <[email protected]> Sent: Thursday, June 07, 2007 10:07 AM Subject: Re: [LU] From the BBC He was asking for a deferral, not for it to be written off.. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of John Boocock Sent: 07 June 2007 07:32 To: LEEDS LIST Subject: [LU] From the BBC So not paying your tax is OK then Ken. Good man, remind me to tell the revenue to piss off next time VAT is added to any of my bills. Oh I forgot you don't pay any tax in the UK because you live in Monaco. Bastard! http://news.bbc.co.uk/sport1/hi/football/teams/l/leeds_united/6727329.stm Bates unhappy with Inland Revenue ================================= Leeds chairman Ken Bates says the club had to go into administration due to the actions of the Inland Revenue. Bates told BBC Radio Leeds: "The Inland Revenue acted extremely unreasonably. "Over the last two-and-a-half years Leeds have paid between £15m and £20m to the Revenue, but our cash flow dried up and we asked for a holiday." "The Revenue said no and put foward the petition to wind up the club. I'm sorry small creditors have lost money, but that is totally down to the Revenue." Bates added: "We were happy to pay everyone over a period of time. "The fault for Leeds United creditors should be place fairly and squarely at the Revenue's door. On Monday Bates regained control of Leeds Utd following a recount of votes taken at last week's creditors' meeting. After putting the club in administration with debts of £35m on 4 May, Bates required 75% of creditors' votes to buy the club back. The recount showed that 75.2% of creditors backed his plans to offer them just 1p in the £1 of debts owed. Bates, formerly owner of Chelsea, arrived at Leeds Utd in January 2005, when he bought a 50% stake. The club went into administration last month, a move that meant it was docked 10 points which ensured its relegation to League One. Leeds Utd's financial problems stretch back several years. In 2001, Leeds reached the semi-final of the European Champions League, however, despite spending millions on players, the club failed to qualify for the competition in the following seasons. This failure to qualify led the club to rack up huge debts. In October 2003, Leeds reported a pre-tax loss of £49.5m for the year to 30 June 2003, which at the time was a record annual deficit for a Premiership football club. _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist Join The Leeds United Supporters Trust at www.lufctrust.org
