£70m bill possible as West Ham United news emerges with HMRC
The HMRC are investigating David Gold’s shares in West Ham, with a potential £70million bill now on the cards, according to the Mail on Sunday.
It is reported that despite Gold passing away in January of this year, his stake in the club could be liable to an inheritance tax, with the rate currently sitting at 40%.
Gold held a stake of just over 25 per cent in West Ham worth £175million, which is now with his estate, with the current rate taking a potential bill up to that £70million figure.
“HMRC are also investigating whether David Gold’s shares in West Ham are liable for inheritance tax,” according to the Mail on Sunday (2 April, pg 98).
“The late Gold held a 25.1 per cent stake in the Hammers worth £175million. Based on an inheritance tax rate of 40 per cent, that could mean a £70million bill.
“Around 18 per cent of Gold’s shares were held in his name with the remainder placed in a family trust.”
Potential bill
It seems that plenty of clubs are under the eye of the authorities at this time when financial records are being analysed, with West Ham no different.
Many clubs are now facing potential bills and other issues following the reporting of their latest financial results.
The club will not welcome the news following the passing of their joint chairman, who had a somewhat complicated relationship with fans of the club.
West Ham will not, however, be focusing on this current news behind the scenes, with the club bang in the middle of a relegation battle.
They host Southampton at the London Stadium today (2 April), with the Hammers sitting 19th in the Premier League table and their opponents sitting 20th.
Fortunately for David Moyes’s side, they have a few games in hand over their relegation rivals, which they will play in the near future, but first and foremost their aim will be to take three points off the Saints in East London.