🚨 BREAKING: HMRC opened a civil tax investigation into Manchester City in 2018 after the Football Leaks revelations, according to the Financial Times.
Almost eight years later, there has been no publicly announced tax penalty, settlement or prosecution arising from that probe, and the investigation was reportedly never formally closed.
Now, the issue is back in focus.
The Premier League’s independent commission has found Manchester City guilty of serious financial-rule breaches, involving more than £900m in allegedly misstated finances. City deny wrongdoing and are appealing.
Tax expert Dan Neidle has separately estimated that one of the alleged arrangements involving former City manager Roberto Mancini could potentially mean around £12m in unpaid tax , an estimate, not an HMRC finding.
The big question now: what, if anything, will HMRC do next?
More to come.