Extensive due diligence has held up the completion of the takeover at Hull City by Assem and Ehan Allam. However, faced with seven days’ notice of a winding up order by Revenue and Customs, they have come to the club’s aid. £1 million has been put into an escrow account pending completion of the deal.
Extensive due diligence has held up the completion of the takeover at Hull City by Assem and Ehan Allam. However, faced with seven days’ notice of a winding up order by Revenue and Customs, they have come to the club’s aid. £1 million has been put into an escrow account pending completion of the deal.
Revenue and Customs would not discuss the details of the case in line with their standard practice, but issued a rather sniffy press statement which said ‘Any business that regards paying tax as an optional extra after other expenses are met, or that uses tax collected from employees or customers as working capital, is potentially heading for trouble.’ Such practices are quite common in football generally and the tax authorities have become increasingly exasperated about their prevalence.