Kieran Maguire issues ‘aggressive’ Newcastle United claim after £10m development – ‘it’s a coup’
HMRC are targeting Premier League sides like Newcastle United as they represent a “coup” for their investigations department.
That is the view of finance guru Kieran Maguire, speaking exclusively to Football Insider about the top-flight’s suspected tax issues.
The Sun reported last Saturday that 329 Premier League players are currently being probed by HMRC for alleged tax avoidance.
It is also understood that HMRC are investigating individual clubs for similar breaches.
As relayed by the same outlet last month (11 June), Newcastle have hired legal experts to fight off a £5million demand for tax evasion.
The bill stems from three transfers between 2011 and 2013 on which the Magpie allegedly did not pay full duty.
HMRC have already picked up at least an extra £10m since their investigation into “aggressive” Premier League tax avoidance began, claims Maguire.
“The football industry, especially the players, do pay enormous amounts of tax,” he told Football Insider’s Adam Williams.
“Players will sign off on a contract that’s put in front of them because they want to concentrate on playing football and it’s the job of their advisors to manage their remuneration.
“Tax avoidance is legal. The question is where does aggressive tax avoidance end and tax evasion start?
“The football industry is high-profile and it is, therefore, a coup for HMRC that they would not get from other industries.
“They have a specialist team in terms of the football industry. They have managed to generate extra 10s of millions since this work was undertaken.”
In other news, pundit backs Newcastle United to complete “exciting” Alexander Isak deal after £40m-plus update.