FTTT 29 October 2010 PDF

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Murray Group v HMRC

MR THORNHILL: Yes, you do. It is tab 11.
THE JUDGE: It wasn't in the initial reading bundle. I've
no doubt it can be found for us. It would be helpful.
MR THORNHILL: If you haven't got it, please tell the clerk.
DR POON: No.
MR THORNHILL: You haven't.
THE JUDGE: We had a bundle and a note about preparatory
reading. And there's no reference to a witness
statement from Sir David in the list.
MR THORNHILL: Sir, may I get this done straightaway.
I will get the clerk to bring it up. Clearly, I'm sure
you would like to read it.
You've found it?
MR RAE: They're behind us, as you say.
MR THORNHILL: Does everyone have it?
DR POON: We have never called upon our bundle. We have
been doing our pre-reading from a different set.
(2.47 pm)
(Short Break)
(3.00 pm)
SIR DAVID EDWARD MURRAY (sworn)
Examination-in-chief by MR THORNHILL
MR THORNHILL: Sir David, you have, I think, open in front
of you a copy of your statement.
A. Okay.
29th October 2010
as many of our competitors), while the Group's metals
division moved from profit to loss almost overnight as a
result of a global collapse in prices. As a result, the
Group had to work closely with its bankers with a view
to restructuring the Group's debt and activities. In
2010 that restructuring was completed, placing the Group
in a position where it can stabilise and improve its
trading position over the short to medium term subject
to improvement in market conditions.
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"6. The Group is run in a number of different
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divisions which are autonomous units which run their own
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centres of profit and loss. The management of these
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divisions work with me as Chairman of MIH. I provide
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strategic guidance and more in-depth input as
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appropriate. Decision-making within the Group is, I
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believe, relatively informal in comparison with other
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groups of companies of similar size.
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"7. I am a director of a number of the companies
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within the Group, including Murray Group Holdings Ltd,
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Murray Group Management Ltd, GM Mining Ltd, Murray
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Metals Group Ltd and Murray Outsourcing Ltd.
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"8. The Group has a dedicated finance function,
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headed by the Group Finance Director (currently Mike
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McGill). I have always considered that the Group should
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comply properly with all relevant applicable legal,
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Q. Could I ask you to read that to the Tribunal.

A. Okay. Excuse me.
"1. I am the Chairman of Murray International
Holdings Limited ('MIH'). MIH is the ultimate holding
company of a group (the 'Group') of around 100
companies.
"2. I have worked in business throughout my adult
life. I received an Honorary Doctorate from Heriot-Watt
University in 1986. In 2007 I was knighted for services
to business. In 2008, I received an Honorary Doctorate
from Edinburgh University.
"3. The Group has been built up over the years
since I formed my first company, Murray International
Metals Limited, in 1974. The Group is now one of the
largest groups of companies in Scotland. Over 3,500
people are employed within the Group.
"4. The activities of the Group are wide-ranging.
They include steel trading, outsourcing, property
development and investment. The Group also holds a
controlling interest in The Rangers Football Club plc
('Rangers'), a leading professional football club.
"5. As with many companies, the Group has endured
challenging trading conditions in the recent economic
downturn. In particular, in 2008/09 the value of the
Group's property assets declined (albeit not as markedly
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regulatory and fiscal standards. The Group's finance
function (together with the Group's legal function)
plays the key role (with, where appropriate, assistance
from specialist external advisors) in this regard. The
finance function's remit includes responsibility for the
Group's tax affairs (including tax compliance and tax
planning). Over the years, the Group has paid
substantial amounts of corporation tax. As a major
employer, it has also paid substantial amounts of income
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tax and national insurance contributions.

"The establishment of the Murray Group Management
Limited Remuneration Trust.
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"9. On 20 April 2001, the Murray Group Management
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Limited Remuneration Trust (the 'Trust') was established
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by Murray Group Management Limited, a company forming
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part of the Group. It was a Trust which was intended to
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be used to provide benefits to present, past and future
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employees of the company and their relatives.
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"10. So far as I recall, the Group became aware of
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the idea of a trust of this kind through Argyle
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Consulting, an independent financial adviser based in
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Glasgow. Argyle Consulting mentioned the idea to Donald
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Wilson (who was then Financial Director of the Group).
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"11. I recall that Ian MacMillan, the Group Tax and
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Pensions Manager, was primarily responsible for liaising
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Merrill Legal Solutions

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Murray Group v HMRC

with external advisors (principally Baxendale Walker, a
firm of solicitors) and enabling the establishment of
the Trust.
"12. I was, of course, aware of the work being done
by my staff to establish the Trust. I was not, however,
involved in the detail. In particular, I did not
concern myself with the minutiae of the Trust
documentation or, to any great extent, with the detail
of how the Trust would operate on a day to day basis.
It was the responsibility of my staff to ensure that the
Trust was properly established and operated.
"13. I made sure, however, that I understood the
general way in which the Trust would operate. I recall
that I sought explanations on this point from, in
particular, Ian MacMillan. Ian explained to me that it
would be possible for contributions to be made to the
trustee and that the trustee could use those
contributions to provide benefits to employees in a
variety of ways. For example, the trustee could invest
funds on behalf of an individual, or it could pay money
out to an individual absolutely, or it could make loans
to an individual. The company which had paid the
contributions could make recommendations to the trustee
as to its view of the best way in which to use the
contribution, although it would always ultimately be a
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their behalf. As I understood it, because the Trust was

resident in Jersey, any investments made by the Trustee
would not attract immediate charges to UK tax.
"Amendments and variations to the Trust.
"16. On a number of occasions the terms of the
Trust have been amended. In certain instances (such as
the Deed of Amendment of 29 November 2002 (15/52) and
the Deed of Amendment and Rectification of 12 October
2005 (15/55)), I have executed the relevant amending
document in my capacity as Protector of the Trust.
"17. In each case where I have executed such a
document, I have done so following the advice of the
relevant staff members within the Group (such as Ian
MacMillan) and the relevant external advisors engaged by
the Group (such as Baxendale Walker). I am not a lawyer
and certainly would not claim to have any expertise in
relation to English trusts law (which, I understand, is
the law which applies to the Trust). I have been
informed that there is some doubt as to the
effectiveness of these amending documents from a legal
point of view but that any such doubts do not affect the
issues raised in the present appeals.
"Changing the trustee of the Trust.
"18. Initially the trustee of the Trust was
Insinger Trust Company Limited (later known as Equity)
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matter for the trustee of the Trust as to what should be

done with the funds which it had received.
"14. Initially, only employees of Murray Group
Management Limited were potential beneficiaries of the
Trust. Subsequently, however, between May and July
2001, other companies within the Group adhered to the
Trust. I understand that this was so that the employees
(and their relatives) of those companies could also be
beneficiaries of the Trust.
"15. I believed that the Trust would provide a good
way of incentivising employees within the Group which
would be cost-effective from the Group's point of view.
I saw the Trust as offering a framework which would
provide benefits to them and their families. By making
contributions to the Trust, the company would be able to
contribute a larger amount than an equivalent bonus or
salary payment as no income tax or national insurance
contributions would be deducted. If the individual
needed immediate access to these funds, they could
request the trustee to make a loan to them. The quid
pro quo for the individual was that the larger amount
would be available to him only by way of loan (as, if
the funds were transferred to him absolutely, tax would
have to be deducted). Individuals also had the ability
to request the trustee to make long-term investments on
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('Equity'). Equity was replaced as trustee of the Trust

by Trident Trust Company Limited ('Trident') on 27 July
2006.
"19. I recall that the removal of Equity as the
trustee of the Trust was, in large part, due to Equity's
decision, which it announced in early 2006, that it was
no longer willing to make loans to individuals without
that individual providing security in respect of the
loan. I recall that my staff considered that if Equity
took this stance, it would reduce the effectiveness of
the Trust as a means of incentivising employees. My
staff (principally Ian MacMillan and David Horne)
liaised with Equity in order to resolve this issue, but
were unable to arrive at a satisfactory solution.
"20. As a result, the Group made enquiries to see
if other trustee companies took the same view as Equity.
Trident emerged as the preferred choice as new trustee.
"21. I was not involved in the detail of the
discussions with Equity or with Trident. I saw these as
technical issues, which I preferred to leave to the
individuals with relevant technical expertise (such as
Ian MacMillan and David Horne). However, following
their recommendation that Equity should be removed and
Trident appointed as trustee of the Trust I executed the
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Murray Group v HMRC

appropriate documentation on 27 July 2006 (15/58).
"22. I also executed a deed to effect the removal
of Equity and the appointment of Trident as trustee of
the first sub-trust (the sub-trust of which I was
Protector) (1/21).
"Contributions to the Trust.
"23. The contributions which were made to the Trust
by companies within the Group were either in place of
discretionary bonuses or, in some cases, pursuant to
letters of undertaking which the relevant Group company
had provided to the employee concerned.
"24. Most employees within the Group are considered
for a discretionary bonus each year. In some cases,
rather than awarding a bonus, a contribution was instead
made by the relevant Group company to the Trust. I was
involved in setting the amounts of bonuses and
contributions, in consultation with my senior management
team. Very often it would not be necessary for such
decisions to be formally recorded. As noted above, the
management style within the Group is relatively informal
for an entity of its size.
"25. In other cases, contributions to the Trust
were made pursuant to undertakings which had been given
to particular employees. I understand that this was an
approach which was followed, in particular, with
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referred any such queries to the appropriate personnel

within the Club rather than dealing with them directly
myself. I recall that on one or two occasions Rangers
personnel (or advisers acting on their behalf) brought
up the issue of whether they were entitled to interest
because contributions to the Trust had been made late.
I remember being contacted on behalf of Alex McLeish in
relation to this point by Blair Morgan, his agent and
lawyer. I delegated the resolution of these issues to
the senior management personnel within Rangers. I
cannot now recall whether interest was in fact paid in
these instances.
"29. I understood that in all cases where
contributions were made by companies within the Group to
the Trust, the trustee would be able to provide benefits
using those contributions in a variety of ways. For
example, as noted above, the trustee could make
investments on behalf of an individual or could transfer
money absolutely to an individual or could lend money to
an individual. I understand that it has been suggested
by HMRC that the loans which have been made in the
present case were somehow not true loans. I strongly
disagree with this suggestion. There is no doubt in my
mind that any loans which were made by the trustee were
real loans and were intended to be repayable. Those
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football players at Rangers.

"26. I have always taken a close interest in the
performance of Rangers and have served on two separate
occasions as Chairman of the Club over a period of
seventeen years. I have often played a role in securing
the transfer of a player to Rangers. Very often, I
agreed the transfer fee with the player's existing club
and would also discuss in principle the broad outline of
the package that Rangers would be prepared to offer the
player. I did not, however, concern myself with the
detail of the contractual negotiation with the player.
That was the responsibility of the senior management
personnel at the Club, in particular Douglas Odam,
Martin Bain and Andrew Dickson. Their brief was to
secure the agreement of the player but at the minimum
overall cost to the Club.
"27. I believe that in a few cases I mentioned the
potential for contributions to be made to the Trust to a
player in the course of my discussion with him. I did
not, however, explain in any detail how the Trust
operated. Rather, I passed the player on to the senior
management personnel within Rangers for them to be given
an explanation.
"28. On occasion a player's agent (or indeed a
player) might get in touch with me directly. Usually I
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loans had been made by the trustee under the terms of

the Trust deed. Individuals who borrowed funds did so
under loan agreements which had a fixed term and the
loans were due to be repaid at the end of that term.
"The first sub-trust.
"30. On 23 April 2001 the first sub-trust of the
Trust was established. I was the Protector of this
sub-trust. On a number of occasions, funds have been
contributed to the Trust and transferred by the trustee
to this sub-trust.
"31. I have a service contract and draw an annual
salary. Depending on the performance of the Group a
bonus may also be awarded. In the cases where
contributions of funds have been made to the Trust and
then transferred to the first sub-trust, each of the
contributions has taken the place of a sum which I might
otherwise have been awarded by way of a discretionary
bonus.
"32. Where funds were transferred to the first
sub-trust, I made requests to the trustee for loans to
be made to me. This was to enable me to obtain the use
of the money which had been transferred to the
sub-trust. In each case the trustee agreed to my
request and made me a loan on a discounted basis. The
loan was repayable at the end of a ten-year term. When
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Murray Group v HMRC

a loan falls due I will speak to the trustee to seek to
renegotiate the loan. If the trustee wishes me to repay
the loan I will do so. I have the assets either to do
so directly or to raise alternative finance which would
enable me to so do.
"33. In the summer of 2005, I came across an
opportunity to purchase a dilapidated villa ('Bel Azur')
near Cap d'Antibes in France at a competitive price. I
noticed the villa in question because it was close to my
own villa. I considered that there was the potential
for the villa to be purchased, developed and sold at a
profit.
"34. I sought advice from Ian MacMillan (the Group
Tax and Pensions Manager) and from Pinnick Lewis (my
personal tax advisers) in relation to the best way of
progressing this opportunity. Ian has worked for me for
many years and I have often sought personal advice from
him on an informal basis. In the same way, I often ask
David Horne (the Group company secretary) for legal
advice in connection with my personal affairs.
"35. Following my discussions with Ian and with
Pinnick Lewis, I decided that it would be better not to
go ahead with the project as a personal venture.
Rather, it would be preferable to offer the opportunity
to the trustee of the first sub-trust. If it chose to
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with the trustee in relation to the project. We were

very clear that the advice that they were giving was to
me in my personal capacity. The project was not a Group
project. The Group makes substantial property
investments (in particular through The Premier Property
Group Ltd). No funds from any company within the Group
were provided to the trustee in relation to the Bel Azur
project. Nor have any Group companies received any part
of the sale proceeds of the property or charged any fee
to the trustee.
"39. The company needed finance in order to be able
to undertake the project. With my help (and that of
David Horne and Ian MacMillan) the company arranged
investment finance for the project by way of a loan from
the Bank of Scotland to purchase and develop the
property. Bank of Scotland requested security for the
loan. The simplest and cheapest method of satisfying
the bank's requirement for security was for me to
guarantee the loan which they were to make to Bel Azur
Properties Sarl. I was comfortable with the idea of
providing the guarantee because I considered that the
loan was covered by the value of the property and also
because the beneficiaries of the first sub-trust were
members of my family.
"40. Bel Azur Properties Sarl then proceeded to
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pursue the opportunity it would be able to make an

investment by undertaking the project.
"36. I asked Ian MacMillan to advise the trustee of
the opportunity to undertake the Bel Azur development
project. I believe that Ian did so in a number of
telephone calls. Having been advised by Ian of the
potential opportunity, the trustee decided that it
should pursue it. It established a
Luxembourg-registered company, Bel Azur Properties Sarl,
through which to do so. I believe that this was in
order to enable the development to be undertaken in the
most tax-efficient way.
"37. Bel Azur Properties Sarl was established by
Equity's Luxembourg office. I recall that the directors
and managers of Bel Azur Properties Sarl were also
provided by Equity's Luxembourg office.
"38. I recall that Bel Azur Properties Sarl,
through the trustee, asked for some assistance in making
the necessary arrangements for the purchase of the
property. I believe that this request for assistance
was initially directed to Ian MacMillan. I was happy to
provide introductions to professionals in the Cap
d'Antibes area and also to liaise with my advisers both
in France and in the UK. In particular, I asked Ian
MacMillan and David Horne to assist me in my dealings
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purchase and develop the property. Where appropriate, I

obtained assistance for the company, in particular in
the hiring of the necessary local professional firms and
builders and also in liaising with the Bank of Scotland.
This assistance was provided by Ian MacMillan, David
Horne and also Peter McFadden, a member of the Group's
finance department. Peter McFadden is an employee of
the Group but over the years has provided me with
extensive assistance in relation to my personal affairs.
As a result of this, while Peter is employed by the
Group part of his salary cost is recharged to me
personally to reflect the work he does on my behalf.
From my perspective, it made sense for Peter to be
involved in providing assistance to the company because
he had wide experience of similar development projects
which I had undertaken personally in the past.
"41. The refurbishment of the property was completed
in early 2007. The property was marketed on behalf of
Bel Azur Properties Sarl through the Agence
International Cap d'Antibes Immobilier. In mid-2007 a
potential buyer was identified. I met with the buyer on
behalf of Bel Azur Properties Sarl and agreed outline
arrangements with him. These were relayed to the
trustee. The trustee was in favour of the proposed sale
terms and procured the sale of the property by Bel Azur
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Murray Group v HMRC

Properties Sarl.
"42. I understand that the proceeds arising from
the sale of the property have been lent by Bel Azur
Properties Sarl to the trustee. I requested the trustee
to lend the funds that it received from Bel Azur
Properties Sarl to me. The trustee agreed to do so. I
duly entered into a loan agreement with the trustee.
"I believe that the facts stated in this witness
statement are true."
Q. Thank you very much, Sir David. On Bel Azur was it a
profitable transaction?
A. Yes.
Q. How profitable? Can you remember?
A. (Pause). I bought it for 6. I spent 2 and a bit on it
and made a profit, if I remember, of about 1.8 million
euros off memory. In that area.
Q. I'm just going to ask you a few questions, Sir David.
When I ask them, could you direct the answers to the
Tribunal.
A. Certainly.
Q. Because they want to hear what you're going to say. If
we can go to the remuneration trust.
A. Yes.
Q. And its operation. Would you describe it or would you
not as a tax avoidance scheme?
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Q. We've been told that much less use of the trust is now
being made. It's not being used at all, I think we've
been told, for Group employees. And it's not much used
now for footballers. Why is that?
A. We just felt it was appropriate, with the amount of
scrutiny and everything that was going on, that it was
best to tail it off. Also there wasn't a lot of bonuses
to pay out because the company wasn't very profitable.
MR THORNHILL: No. Sir, those are all my questions
in-chief.
THE JUDGE: Yes. Thank you. Mr Thomson.
Cross-examination by MR THOMSON
MR THOMSON: Sir David, when you were involved in
negotiating with players or agents of players -A. Yes.
Q. -- were you the main first point of contact in that, at
least during the periods when you were Chairman of the
club?
A. What would happen is that I would be the initial
contact. When you were recruiting a player, it would be
done Chairman to Chairman. Thereafter, if you managed
to secure a deal with a player, an agent would become
involved. Then staff of the club would become involved.
I would get involved in the broad agreement, in rough
terms, of the package that the player would get. But
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A. No, not at all. I think it was a method of us

acquiring, especially football wise, better players in a
more cost effective manner than we would be able do so.
In the football world, we're in a very competitive game
and you're competing with players and countries all
around the world. And we were very ambitious at that
time. And it was seen as a correct and proper way for
us to proceed.
Q. In relation to Group employees, other than footballers,
would you consider that the trust has been a success or
not, in incentivising those persons?
A. If you want to retain good people, good people need to
be incentivised. Although business has been very
difficult recently, I've got a great team of people
around me. We've gone through a difficult time. We got
hit with our bank hitting troubles, the property market
collapsing, as I said in my statement. The price of
metal collapsed. So up until such times it was a good
way of safeguarding people to stay with the Group and
rewarding them in an efficient manner.
Q. As regards football players, was it a success in getting
good football players, do you think?
A. As a club, we have been very successful, because we've
been able to attract players of a certain standard that,
perhaps, we may not have been able to do otherwise.
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I would never, as I said in my statement, get involved

in the fine detail, because every player is different.
There are housing allowances, cars. But I would
obviously get involved in the broad brush, but not the
final negotiation. I can't remember. I wouldn't get
involved in the paperwork.
Q. During the periods, because you said there were two,
that you were Chairman, whose decision was it as to
whether to approach or whether the club was interested
in a particular player?
A. The manager. The manager would identify -- at the
beginning of each season, what would happen, you would
sit with your manager and put your squad on a piece of
paper, start with the goalkeeper, centre backs, midfield
and strikers, you would look for weaknesses. The player
would then be identified by the managers. Then he would
ask you to approach a club. And you would approach a
club to make a move to acquire that player or not.
Q. So in the first instance the choice is a footballing
one. The manager identifies people -A. I've never bought a footballer in all the years, other
than one. But that was a disaster. But it is always
down to the manager. The manager of the football club
will always decide who he wants to buy. A manager's
relationship with a Chairman is crucial in a football
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Murray Group v HMRC

club. That is the strength of the football club.
In the main of my time it would be Walter Smith who
is back at the club now. Walter and I would have an
understanding. He would identify a player, we'd go for
a player, club to club. Then when the player was
brought in, although we had agreed rough terms, the fine
detail of all the terms would be agreed by Douglas Odam
or whoever it was at that particular time that was
handling that end.
Q. There would be an issue, presumably, though -- the
manager would be interested in identifying a player that
he thought would fit the slot that was required. But,
presumably, the cost or the expense -- the likely
expense of the player comes into it at that point.
Would the manager be taking account of that? Would he
know about that sort of thing -A. He would be given an annual budget. For example, say
the wage budget is 20 million or 15 million or whatever
that budget is; and he has to shape a team within that
budget.
Q. And he would have some idea what the likely cost, in the
broadest of terms, of a particular player is -A. You would contact the club. You would be told. It
would be too expensive or it would be of interest.
Q. Would you have before you folder 2, please. If you
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29th October 2010
A. Yes, in broad terms. I said that in my statement, yes.

Q. And, as we understand it, the individual figures in that
side letter would obviously vary from player to player.
But the style of that letter doesn't appear to have
changed very much. And, presumably, you would know that
at least broadly what the style was?
A. I wouldn't -- with the greatest of respect, I wouldn't
get into the finer detail, trust me.
Q. Even that much, of knowing the letter -- side letter in
broad terms -A. In 20 years I've been involved in the signing and
selling of over 350 or 400 football players. I do not
get involved in the general paperwork of what you're
saying. I wouldn't have enough hours in the day. And
I'm not trying to be flippant. I'm just saying there's
only so much I can do in a day. I have other
businesses. My main business is metal business and
slowly football took over and took a bit more of my
time.
Q. In division 13, could you look, please, at page 21 and
22.
A. Yes. Is that the letter from Blair Morgan?
Q. Yes.
A. Yes.
Q. It is dated 11 July at the top of the page.
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would turn to division 13 in that folder. In connection

with the sort of talks that you would have with an
agent, or a club, or anything of that nature, would you
keep a record of those discussions?
A. No. Personally, I wouldn't. No. With respect, I'm the
Chairman of 100 companies. I'm involved in setting up
deals, setting up businesses. I could not have enough
hours in the day for me to get involved in this level of
detail. My job is to fix deals, set up deals, start
companies; and I would meet the agent, agree the broad
terms of a contract. But when it came down to the fine
detail that, with respect, would not be my job.
Q. I understand that. I suppose in the broad run of cases,
the contract would be signed subject to the formal SFA
standard terms, obviously slotting in the particular
sums of money involved and the like?
A. Yes.
Q. Is that correct?
A. Yes.
Q. And we know that there was the practice, when the
remuneration trust started, that associated with that
signing there would be a -- what has been described as a
side letter relating to the obligations of the club in
relation to the remuneration trust for that particular
player. You're aware of that, in broad terms; yes?
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A. Yes, indeed.
Q. I'm sorry. 11 July 2001. You will see at the top of
the page it seems to have been faxed on 13 July 2001
from Morgans?
A. Yes.
Q. It is to you. He says:
"Dear David.
"Neil McCann. I refer to our various telephone
conversations and in particular our discussion on
Tuesday 10 July. I have spoken to Neil again today and
he's happy to accept the proposal of GBP 16,000 plus
GBP 4,000 as offered by you."
I won't take you through all the preceding
correspondence. But there was some preceding letters
leading up to this where there was some negotiation?
A. Yes, but what I would do -- because that would not be a
contract. That was just the broad brush of a contract.
That would be passed to people within the club who would
then put definitive paperwork. Because that is not the
final contract. That's the broad terms of an agreement.
Q. Can you turn over the page, please.
A. Certainly.
Q. This is the attachment to the document that he's
mentioning to you.
A. Yes.
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Q. And the duration is set out, the annual salary is set
out, it being GBP 8,000 per week, contribution to
remuneration trust. I will not read all the figures out
in that paragraph. Underneath we see the appearance
fees are set out, bonuses per agreement and first team
squad. Use of a motor vehicle. Private health cover:
The club will meet whole terms and conditions of
contract, about injury and illness, a 10% transfer fee
and a mention of agent's commission at the end there.
So it appears that, in this instance, those things
were the subject of discussion. Would that be -A. I would not get into that finer detail. He may address
the letter to me, but when he addresses it to me it's on
behalf of the club and I would pass it on to other
people. You're talking about something happening nearly
10 years going. I can remember most things but I can't
quite remember the detail of every single contract. As
I said, I would pass that on. He would do it probably
as a courtesy to me. But that would be the framework.
That would not be the definitive contract.
Q. I appreciate that. What I am suggesting to you is it
looks as though there were discussions between you and
him that resulted in this document, which would have
included the various things that are in the schedule.
I appreciate that it would then be passed on --
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contract against another puts me in a position of saying

something that I can't recall.
Q. You say at paragraph 26 -- if you can put that to one
side for a moment.
A. Of my own statement?
Q. Yes, your own statement. If you go to paragraph 26.
A. Yes, certainly. Okay.
Q. In the paragraph-paragraph there you say that their
brief -- that is Mr Odam, Mr Bain and Mr Dickson -- was
to secure the agreement of the player but at a minimum
cost to the club.
A. Yes.
Q. I presume that that is a reference, in the context in
which we're talking about, to the remuneration trust?
A. I think my statement covers that, does it not? I think
there's another section where my statement says that.
Then, when I was asked the question by Mr Thornhill
I said that as well. It was the opportunity to secure
the club the players at the best terms possible. And
that was the question I answered already.
Q. Yes, indeed. But the corollary to that, presumably, is
that you -- in negotiation with a particular potential
footballer, if you can secure at a certain level with
RT, so be it, if you can't secure him with that level of
RT, because he doesn't want to go that way, then,
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A. He will probably have sent it to me as the principal of

the club. It doesn't necessarily mean (a) I've done the
negotiations, (b) I've agreed it and that's become the
final, formal contract.
Q. If you don't have a particular recollection.
A. I remember signing Neil McCann, of course I do. He was
a young boy at Herts. Dick Advocaat, I remember the
day, we saw him. But to come on one specific
contract -- and if I knew exactly what happened I would
tell you. But I can assure you the principle would be
the one thing I have learned in my business is everybody
has their specific role in the organisation. And mine
is not sorting out paperwork for contracts for football
players. Yes, I may agree the broad terms of an
agreement. But I would not get in to use the word
I used in here, the minutiae of dealing with contracts.
Q. I appreciate that, Sir David. I want to be clear
whether you're saying that the schedule that is attached
by Mr Morgan is something you would not have discussed
with him. Are you saying that was discussed with him
and what happened after that is the minutiae that you're
referring to?
A. I would have discussed the broad principle of the
contract; but every specific part, some may, some not, I
#genuinely cannot remember. And I think to isolate one
29th October 2010
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presumably, some other figure is or arrangement of

figures is arrived at, where more money goes through
salary and less money through RT, in order to secure the
player that you want.
A. No, no. You might choose those terms are unacceptable.
As many players we've signed, there's as many players
who have not accepted our terms.
Q. Indeed. Sometimes you will reach a deal.
A. Sometimes you won't.
Q. Sometimes you won't.
A. For every two players you go, you might get one.
Because they might not accept the terms of the
conditions that you're offering. The club might not
accept the price that we're offering to buy the player.
Q. I realise that.
A. Yes.
Q. But one of the permutations is you offering more money
in terms of salary and putting less through the
remuneration trust, in order to get the player that you
want?
A. That would be up to the team behind me to decide. That
would not be my job, with respect.
Q. Very well. At the end of paragraph 29 you say those
loans had been made by the trustee under the terms of
the trust deed. The individuals who borrowed funds did
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Murray Group v HMRC

so under loan agreements which had a fixed term and the
loans were due to be repaid at the end of that term.
A. Hmm, hmm.
Q. Were you aware that there were or would have been
discussions about whether loans would be renewed?
That's in the context of people deciding whether to go
down the route of the RT or not?
A. My understanding of that would be the same as my own
situation, which I explained in there, that when the
time was up on the loan you would either renegotiate the
loan or have the means to pay it back.
Q. Your own situation might be slightly different because
of your own personal situation. But in any situation
the person concerned would -- particularly if taking out
large sums of money by way of loan, the fact of whether
it would be renewed or not would be something that would
be likely to feature fairly prominently in whether they
wanted the loan in the first place?
A. I presume that's a question for the trustee. That's not
my role. The loans were made by the trustees.
Q. In the context of footballers you might well have a
situation where while here at Rangers they're earning
large sums of money. As their career continues they
might go to clubs where they're not earning so much
money. They might even stop playing over that 10 year
29th October 2010
one or other of the Murray companies; is that right?
A. They were and they still are.
Q. Would I be right in thinking that they also own shares
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in the MIH company and have done through the period?

A. For the time that they've been involved in the company,
yes.
Q. Which would be including all of the period since 2001 or
just part of it?
A. My eldest son -- no, I think they joined the firm just
10
after -- round about that time. I would have to check
11
that. One is 37, one is 35. Both have been to
12
university, travelled the world, got a bit of experience
13
and came to the business. So I suppose just a bit of
14
time thereafter.
15
Q. In connection with your own situation, at paragraph 31
16
you talk about your service contract. Which company is
17
that contract actually with?
18
A. The holding company, Murray International Holdings.
19
Q. Who is it that decides what bonus you get?
20
A. When we make money, I would. Up until -- we were a very
21
profitable company up until two years ago. As
22
I explained to you already, we got hit with a quadruple
23
whammy. And our business took a lot of pain like
24
everybody else. But Lloyds have come and supported the
25
Group very much so and we're starting to trade our way
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period. You would agree that might well happen,

presumably?
A. Of course. That happens on many occasions.
Q. So at the time that the loan became repayable somebody
in that position wouldn't have the income that they had
at the time that the loan was taken out?
A. You're making an assumption.
Q. Depending on what other jobs they've had.
A. Depends on whether he has been a good saver or not or
what he has done with his wealth. I think you're making
the assumption that he may not be able to. But I would
have thought that's why players have agents and
advisers, to advise them to plan accordingly.
Q. In relation to paragraph 30, where you obviously talk
about your own sub-trust. Can I just ask you a couple
of questions. You own shares in MIH, I understand, and
have done so -- and I don't need to know the particular
numbers, but you have done so over the period from the
beginning of 2001 to date; is that right?
A. Yes.
Q. I understand that certain members of your family also
directly own shares in that company?
A. Yes.
Q. You have two sons with sub-trusts. They, at the time of
the sub-trusts, at least, presumably, were employees of
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out of it. The property will take a bit longer,
unfortunately. But as we have got -- because I owned,
at that time, roughly 90% of the company, I would
decide, on an informal bonus, what that bonus may be,
depending on performance. If we made money, there was a
bonus. If we didn't make money, we didn't. We never --
we tried to build up a business with assets. And
I think the most in dividends we ever paid out would be
20 to 25%. We tried to keep the money in the company to
10
invest in the future.
11
Q. I take it that at that time, when you're talking about
12
deciding on your own bonus, it's not like you were
13
14
talking to yourself, but you -A. I discussed with -- my right-hand man at that time was
15
Donald Wilson. He was the Managing Director,
16
Financial Director. And I would discuss with him a
17
figure that we may consider to make as a bonus. And
18
then he would then speak to individuals further down the
19
food chain. If there was a bonus, and if there was a
20
bonus to be paid, how they would handle that. But it's
21
a wee bit like I wouldn't get involved in going round
22
everybody. I would delegate to somebody to do so.
23
Q. But that's in relation to other people's bonuses?
24
A. Yes.
25
Q. In relation to your own bonus you've already said that
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Murray Group v HMRC

you chose -A. I would take the most because I was the major
shareholder.
Q. Nobody is questioning your right -A. As I say, if we make money, we get a bonus; if you don't
make money you don't get a bonus.
Q. In the same context as you deciding to take a bonus
yourself and how much it would be, you would,
presumably, make the decision as to whether to take it
through salary or put it into the remuneration trust?
A. I would discuss it with my colleagues and we'd find what
is suitable, yes.
Q. When the time comes for you to repay the loan, in the
sense of the loan period being up, could you just tell
me, do you know when that is in your own personal -A. I think my first one is next year, mid-2011. At that
time I will either decide to pay back the loan, or
renegotiate. Whatever I feel is appropriate at that
moment.
Q. Presumably, part of that will be issues of what the
economic alternatives are, what the tax consequences are
and all that sort of thing?
A. You would take everything into consideration. I would
sit with my advisers and do what is best for my
individual position.
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the odd occasion, as I've said.

Q. Hmm, hmm. I don't know if I particularly need to take
you to the file, we do have some papers lodged in
relation to this. But I get the impression from it that
the lead in was pretty short. You had a discussion with
the seller, as I understand it, you came to an outline
figure that you would offer. There was an approach to
the trustee. He said: that sounds fine to me. And then
there were further discussions about how it would be
done, possibly without you being involved in the
mechanics, as it were, of it. Would that be a fair
summary?
A. I was involved but it wasn't just the buying. I then
had to get the builder. The reason I knew the
builder -- the reason I took the opportunity was I just
done up a house in France. I was sitting there. I had
a couple of weeks holiday. I was bored. I was hanging
over the wall and saw the house for sale so I decided
that I would buy it. I spoke to Ian and Ian said this
is a route that you may chose to do. So I already had
the tradesmen. I knew what to do. And the greatest
thing you will find about any deals, the ones that are
done the quickest are the ones that are normally the
most successful. So we had to do it quite quickly. And
that's the route we took. And we found it the best way
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Q. You talk about the Bel Azur matter from paragraph 33

onwards.
A. Yes.
Q. If I could just take the matter up at paragraph 35.
It's not explicit, but I presume you're acknowledging in
35 that it was for tax reasons, perhaps capital gains
tax reasons, that it was advisable to develop this
property using the vehicle of the sub-trust; is that
right?
A. That's what I say in paragraph 35, yes.
Q. The discussion with Mr MacMillan. Obviously the
discussion included the proposition that that's the way
it should go. But did you have any further discussions
with him about what the details of it would be as to the
actual mechanics of how that would be done?
A. Obviously. And I've explained that in my paragraph,
I think: establish -- that's how we did it. I think
it's quite specific, isn't it, what I've said?
Q. You talk about Mr MacMillan having some conversations
with the trustee. I presume he wasn't reporting back
every single conversation to you?
A. No.
Q. Given your position, as you've mentioned in other
contexts.
A. It is back -- Ian would assist me on a personal basis on
29th October 2010
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forward.
Q. As you say in your statement, this was an adjacent,
I think, property?
A. Right next door.
Q. Presumably, there was some advantage to you, as well, in
the sense that if somebody else bought the property they
could develop it in a way that they wanted rather than
the way you wanted?
A. There's a road between us. There's a road between us.
Q. Even so, presumably -A. It was a business opportunity. It was easy to manage
because it was next door. I didn't have far to go, did
I?
Q. I can see that.
A. I'm not trying to be smug there. It is just it was
right next door. The sign goes up. You look at it.
I've just finished the house. I can smell what I can
do. And I did it very, very quickly. And a guy bought
it because his pal lived the other side of me. So it
was a very opportunistic situation.
Q. Was there much external work to it or was it mostly
internal?
A. External and internal. We spent -- you have to
remember, I think we spent 2 or 2.5 million euros in
doing the house up. Because I had got the specialist
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guy who had done such a good job on one of my vineyards
so I had the ability to know what he could do in the
property. That's why we got what looks like a very
quick profit in a very short period of time. But it was
just an opportunity.
Q. I see that. Really what I was wondering was the extent
to which the external -- from your own perspective, as
being the neighbour did it change --
A. It didn't affect me at all. It was a paint job and

windows from the outside. There was no add-ons. They
moved the swimming pool from the back garden to the
front garden. That was it.
Q. You were involved in deciding what was to be done
because you had just done that sort of thing recently,
you've done it before and all sort of thing?
remember. Haggy has worked for me on and off for
10
30 years. And he looked after a house of mine in New
11
Zealand that we sold years and years ago to the Sultan
12
of Brunei; and then Haggy went and worked for the Sultan
13
of Brunei for five years and then came back. So he's
14
that sort of guy. He's a drifter and a helper and a
15
fixer.
Q. All right. Anyway, when it came to -- you finished the
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I wasn't there, he was able to go, meet contractors,

open doors, stuff like that.
Q. He has received some money through his sub-trust. Was
any of that in respect of what he did for this property
or is that in respect of other services?
A. If you can give me the dates, I could perhaps -Q. I don't want to take up time --
A. If you give me the dates. I can't specifically
A. No, I've always done that. I've done quite a few

properties in my time.
Q. Yes. And you've told us that you sorted out the
professionals involved in --
16
19
A. Yes.
Q. And it was marketed. You've told us that. And you had
A. It was the same people. I was able to use the same

architect, the same engineer, the same plumber, the same
tradesmen who had already just finished a job for me -Q. In paragraph 40 you tell us you got -- I understand what
you say about the people doing the work in the
company --
20
the discussion with the potential buyer. I presume that
21
the reason that you did that was because it was you that
22
had been doing the project, it was you that knew about
23
it, and you that had the potential neighbour, I suppose,
17
18
24
25
property, as you described in paragraph 41.
as well?
A. Yes. There's a local agent who brought this client to
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A. Yes.
Q. -- but not, you say, for the company. I understand
that. I don't need to ask you about that. But they
were, presumably, carrying out the -- some of them were,
I think, giving some sort of oversight to the project,
other than purely financial. Would that --
A. Who was that?
Q. Mr Horne --
A. No, no, none at all. I would do it.
10
Q. So they were purely financial?
11
A. Purely assisted me in the manner I've made clear in my
12
13
14
15
statement.
Q. So it was you who was doing what goes where, which wall
comes down, along with your architect?
A. Architect and builder Mr Elavacat(?) who is well known
16
in France, had done one of my vineyards up. And he came
17
round and I would walk in and walk around with him every
18
day and go round the job.
19
Q. I saw a mention of a Mr Haggart. I've seen he has a
20
sub-trust. Was he doing some sort of oversight over the
21
property?
22
23
29th October 2010
A. He does some oversighting of my vineyards and some

properties I have in France for me.
24
Q. And was involved to some degree at least in this?
25
A. He lives in one of my properties there. So when
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me that wanted to buy it. I met him at the back of my

house. And we -- and that was the deal. And he was
relayed to the trustee. They were in favour of it.
I got their approval. Then the rest is history.
Q. The trustee hadn't actually spent any money of trust
money because it had been done with a loan and the
figures all stacked up. So there wasn't much for him
to -A. No, but still that's what we did, the route we used.
MR THOMSON: Yes. Thank you very much, Sir David.
A. Thank you.
MR THORNHILL: I have no questions in re-examination, sir.
THE JUDGE: Perhaps I could raise with you, Sir David, one
point.
A. Certainly.
THE JUDGE: In relation to paragraph 24 at page 8 of the
witness statement, you say there:
"Most employees within the Group are considered for
a discretionary bonus each year."
A. Yes.
THE JUDGE: You go on:
"In some cases rather than awarding a bonus a
contribution was instead made to the trust."
Two points really: were you involved in that
decision? And, if not, do you know how it was made?
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Murray Group v HMRC

1
2
THE JUDGE: Yes.
3
A. Then an amount was put forward. Donald Wilson, who was 4
my Managing Director, was in charge of that. He would
5
speak to the individuals. And it would be discussed if
6
they were to get a bonus how would they like it to be
7
handled.
8
THE JUDGE: But you were not personally involved; no?
9
A. No. An amount would be made available. Then Donald
10
would speak to the individuals.
11
THE JUDGE: So it was really fixing the amount which you
12
were -13
A. Yes. Then they would decide, prior to them getting it,
14
if they were to get a bonus.
15
THE JUDGE: Thank you.
16
DR POON: Sir David, I have two questions. The first one
17
is: have you chosen to have your own bonuses put into
18
the remuneration trust?
19
A. Not all. Some -- over the years, not all my bonuses.
20
DR POON: Some of your bonuses?
21
A. No, I discuss it with my colleagues as the best route at
22
that particular time.
23
DR POON: So for some of the years you have put -24
A. Yes, but I discuss it with Donald Wilson on what we
25
A. Yes, it comes back to the bonus, when I decided what
I should get myself, as we were discussing earlier.
29th October 2010
property will have come from -A. The trustees would pay -- there was a loan there to do
it from the Bank of Scotland, which they organised.
I think that says that as well. The cost is different
from the gain, isn't it?
DR POON: That's right. I'm talking about the profits.
A. Everybody got paid off. Then there's an amount left
which I explained in the last paragraph the trustees
agreed to give me a loan.
DR POON: Right. So it sort of notionally went into the
trust and then you borrow it out again?
A. Yes, as a loan.
DR POON: Right. Thank you.
A. Okay.
MR RAE: Just one question. I can understand why the
Bel Azur was processed the through the trust.
A. Yes.
MR RAE: Did you have any understanding or discussion as to
why a Luxembourg company was introduced by the trustees?
A. I can't recall but I think there was a Luxembourg
company initially and they created -- I can't quite
specifically remember. Did they not buy it from a
Luxembourg company?
MR RAE: Yes, it is mentioned in your statement in 36 that
the trustees established a Luxembourg company. It may
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would do. If a bonus was to be paid, we would discuss

it prior what we would do.
DR POON: Okay. The second question I have is the profit
from the sale of the property in France.
A. Yes.
DR POON: The 1.8 million.
A. Yes.
DR POON: What happened to it? Did it go into the trust?
A. I think I have explained that, have I not? I that I was
distributed and I've used it -- invested it. I think
that says that, does it not?
DR POON: The 1.8 million figure came from the first
question.
A. Yes, that was the trustees, yes, paid that out. And
I've reinvested that.
MR THORNHILL: I think it's in paragraph 42. Is that where
the answer is, Sir David?
A. I think that's what I was trying to say. I thought
I had covered it. Right at the end. The funds are
received, right down to the loan agreement with the
trustee. Okay?
DR POON: Yes.
THE JUDGE: The proceeds ...
DR POON: I was making a distinction between proceeds and
profit, because the funding of the renovation of the
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be we should be addressing the question to the trustees.

But it's your understanding of why that additional step
was taken -- I can think of various answers -A. It was their choice because there was one already, I
believe. I think, if I remember, I'm going off memory,
the property originally was owned by a Luxembourg
company. I think so, yes.
MR RAE: Okay.
THE JUDGE: Any questions out of that?
MR THORNHILL: No more from me, sir.
Further cross-examination by MR THOMSON
MR THOMSON: Just one quick one, just for clarify, following
up Dr Poon's question about the money taken out. You
made it clear you had taken out -A. A loan.
Q. -- which amounts to the profits. A loan from the
Luxembourg company to the sub-trust, a loan from the
sub-trust to you. You've explained that, I think -A. I think I said it -Q. It's in the statement. You've explained it.
A. Yes.
Q. Just to be clear, in relation to all the other payments
into the sub-trust, I think it is correct to say that
you've also taken those out in loans?
A. I think the vast majority. There may be something left.
Page 150
Page 152
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(+44) 207 404 1400

London EC4A 2DY
Day 5
Murray Group v HMRC
Q. There may be a small balance.
A. Yes. Yes.
MR THOMSON: Thank you.
A. Thank you.
THE JUDGE: Does that then complete matters for today? We
6
7
29th October 2010
will resume on Monday morning.

MR THORNHILL: Indeed, sir.
THE JUDGE: Thank you, Sir David.
A. Thank you.
10
(4.02 pm)
11
(Hearing adjourned until 10 am on Monday, 1 November 2010)
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INDEX
PAGE
MR DAVID ANGUS GLEN (sworn) ..........................1
Examination-in-chief by MR THORNHILL .............1
Cross-examination by MR THOMSON .................18
Re-examination by MR THORNHILL ..................21
MR ALEX MCLEISH (affirmed) ..........................25
Examination-in-chief by MR THORNHILL ............25
Re-examination by MR THORNHILL ..................54
Further cross-examination by MR THOMSON ........59
MR COLIN MITCHELL (continued) .......................61
Further cross-examination by MR THOMSON ........83
MR BLAIR MORGAN (sworn) .............................86
Examination-in-chief by MR THORNHILL ............86
SIR DAVID EDWARD MURRAY (sworn) ....................109
Examination-in-chief by MR THORNHILL ...........109
Cross-examination by MR THOMSON ................126
Further cross-examination by MR THOMSON .......150
Page 154
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29th October 2010

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Aberdeen
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ability 64:5
65:6,8,11
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able 11:25
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21:15 44:3
64:3 73:12
87:24
89:17
91:22 97:4
106:3
114:15
119:15
122:1
123:11
126:3,24
126:25
138:11
145:20
147:1
absolutely
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37:16
39:20 59:2
99:14
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113:21
114:23
119:19
accept 10:3
63:8
132:11
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acceptable
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accepted
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access 28:3
88:13 97:5
97:9
114:19
accommod...
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accommod...
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accompli
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accomplish...
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account
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68:17,24
69:1,4,15
69:20 70:5
71:6,12,16
77:4 80:18
81:3 82:25
129:15
accountant
2:5,6
accounts
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32:12 38:4
58:13 81:6
83:23 84:7
84:10,11
achieve
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achieved
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achieving
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acknowled...
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acknowled...
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acquire
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acquiring
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act 18:18
acted 2:13
87:12 93:4
94:13
acting 18:17
43:15 87:1
87:4,19
119:4
actions 7:20
23:15
actively 68:9
activities
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111:5
activity
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actual 36:25
94:12
142:15
ad 11:5
added 28:8
39:17,23
additional
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79:19
152:2
address 92:1
108:9
133:12
addressed
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addresses
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addressing
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add-ons
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adhered
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Adidas 102:4
adjacent
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adjourn 61:2
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adjourned
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adjournme...
85:17
admit 72:9
admitted
86:17
adult 110:7
advance 37:7
65:24,25
66:1
advanced
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advantage
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advice 4:14
7:10 8:6,11
10:14 12:2
13:16 16:4
19:8 20:17
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28:15
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34:18
35:15
36:17
57:13 88:8
89:1,4
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115:12
121:13,17
121:20
123:2
advisable
142:7
advise 14:16
65:6,12,14
108:24
122:3
138:13
advised
11:22 14:3
14:10,12
14:12 20:6
27:25 29:3
81:15
122:6
adviser 2:7
2:14 12:7
112:21
advisers 8:6
8:7 21:20
21:21
119:4
121:15
122:23
138:13
141:24
advising 7:3
8:24 34:10
63:25
90:21
advisors
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112:4
113:1
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Advocaat
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affairs 12:23
12:23 13:4
22:7 58:5
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affect 115:21
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affirmed
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aforesaid
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afraid 1:19
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afternoon
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Agence
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agency 86:15
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agent 27:25
29:20,21
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90:12
118:24
119:8
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130:3,10
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agents
127:14
138:12
agent's 133:9
ago 6:24 19:1
31:3 78:16
98:12
139:21
147:11
agree 90:19
91:15
94:12
130:10
134:14
138:1
agreed 17:7
42:23 48:1
48:25 49:4
74:17
78:12,14
89:10 90:9
106:11
108:11
118:7
120:23
124:22
125:6
129:6,7
134:3
151:9
agreeing
49:8 90:22
agreement
5:22 6:4,25
11:21 15:7
28:6 40:22
41:4 45:17
48:14
51:15 53:4
87:24
94:11
103:18
106:3
118:15
125:7
127:24
132:20
133:5
134:15
135:10
150:20
agreements
96:16
120:3
137:1
ahead 15:16
57:20
121:23
airport 24:22
25:7
albeit 22:17
72:17
110:25
Alec 89:4
Alex 25:18
25:20
87:13,19
87:22 88:5
88:11 89:1
92:5,6,13
92:15 93:8
94:14
95:16 97:3
98:6 119:7
154:7
Alex's 93:16
allocated
5:13
allow 27:1
97:8
allowances
128:3
allowed
63:19
95:18
allude
106:16
107:18
alternative
121:4
alternatives
141:21
ambitious
126:6
amended
17:18
115:6
amending
115:9,20
amendment
19:11,12
115:7,8
amendments
16:11
64:18
115:4
amount 6:5
7:13 21:3
45:11
46:13,14
49:22,23
54:25
62:15,17
95:11 99:2
114:16,21
127:5
149:4,10
149:12
151:7
amounts
14:6 81:12
95:10
112:8,9
117:16
152:16
ample
102:20
analysis
37:17
Andrew 53:5
90:10
118:14
and/or
103:17
Angus 1:8,22
154:3
announced
116:6
annoying
26:4
annual 14:18
120:11
129:17
133:1
annually
15:4
annum 14:22
49:20
answer 7:11
26:5 81:19
99:3
150:17
answered
135:20
answering
20:2
answers
35:18
61:25
97:20
125:18
152:3
anyway
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82:22
95:19
107:13
147:16
apart 58:11
91:4
apologies
67:19
apologise
108:16
appeals
115:22
appear 71:2
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appearance
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appearances
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appears
13:12,14
53:15 81:2
133:10
applicable
111:25
applies
115:18
appointed
87:20
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appointment
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appreciate
24:8 81:7
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appreciated
79:4
approach
27:2 94:5
106:10
107:14
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128:9,17
128:17
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approached
3:15 12:10
12:13
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appropriate
9:10 68:22
74:18
78:22
90:18,23
97:11
101:24
105:17
108:19
111:15
112:3
117:1
119:1
124:1
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appropriat...
10:2
approval
148:4
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45:2,3
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architect
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arrange
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arrangement
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arrangeme...
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articles
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asked 3:16
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16:6,9 28:5
52:6 58:19
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asking 7:13
19:12 32:9
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76:16 93:6
100:2
aspect 88:17
aspects 13:4
21:18
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asset 9:13
assets 18:7,8
32:12
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121:3
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assignation
19:22
assist 122:25
142:25
assistance
60:13 80:6
86:3 101:6
112:3
122:18,20
124:2,5,9
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assisted
146:11
assists 100:1
associated
130:21
Association
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94:22 99:9
101:1
Associatio...
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assume 24:4
24:4
assumed
29:12
assumption
138:7,11
assurances
90:3
assure
134:10
assured
91:17
Athletic
86:25 87:8
87:9
attached
134:18
attachment
132:23
attack 8:2
attention
45:13 84:1
87:18
105:2
attract 115:3
126:24
attraction
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authority
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autonomous
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available
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70:9 71:10
74:16 75:8
75:13
79:21,22
79:25 85:7
85:11
114:22
149:10
avoidance
125:25
awarded
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120:13,17
awarding
117:14
148:22
aware 13:13
23:8 29:11
47:24
49:11
58:20 59:7
72:1,5 81:9
81:17
84:17 92:3
105:1
108:2
112:19
113:4
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Azur 121:7
122:4,9,13
122:15,17
123:7,19
123:25
124:19,22
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125:3,5,10
142:1
151:16
B
b 134:3
back 5:15
6:6 8:21
11:2 25:12
27:19 30:7
33:2 43:25
53:6,20,22
56:23 59:8
60:25
61:17
70:20 71:1
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74:17
75:23 79:6
79:14,15
81:23
91:20
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129:3
137:11
141:17
142:20,25
145:11
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148:1
149:1
backs 128:14
bad 85:6
Bain 26:25
118:14
135:9
balance 36:9
153:1
bank 68:15
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70:5
123:15,16
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bankers
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bank's
123:18
based 72:5
79:4 93:12
107:9
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basic 13:21
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basically
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basis 6:4 8:1
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10:1 14:18
20:2 48:7
62:25 63:8
63:8 88:7
99:17,20
107:5
113:9
120:24
121:18
142:25
Baxendale
113:1
115:15
bear 97:19
becoming
39:2 63:16
63:18
beg 70:15
beginning
48:12
128:12
138:19
begins 103:8
begs 41:23
behalf 3:8
87:22 94:1
94:2
113:20
115:1
119:4,7,18
124:12,18
124:22
133:14
Bel 121:7
122:4,9,13
122:15,17
123:7,19
123:25
124:19,22
124:25
125:3,5,10
142:1
151:16
believe 4:25
11:18 17:5
29:15
39:22
65:10,16
66:22 67:9
73:9 78:12
89:23
91:13
97:14
111:16
118:17
122:5,10
122:20
125:8
152:5
believed
74:24 93:3
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bell 31:19,20
belt 107:13
beneficial
10:15,22
11:6,12
22:15,19
57:23
96:19
beneficiaries
17:22,23
18:3,6 24:8
28:16
63:20,21
64:1,9,11
64:19,21
65:7,12,14
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114:4,9
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beneficiary
92:4,7
benefit 3:12
6:13,16
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61:18
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72:2,14
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benefits
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95:1,22
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113:18
114:14
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69:4 77:10
78:15
113:24
121:15
127:7
135:19
141:24
143:25
149:22
better 17:21
28:19 29:4
85:9
121:22
126:2
beyond 30:1
bigger 71:18
Birmingham
26:13 48:9
bit 14:9 20:8
21:5 23:22
35:6 39:14
40:5 43:6
50:17 79:3
79:11,13
125:14
131:18
139:12,13
140:1,21
bits 30:13,14
Blair 27:3,11
27:24
28:14 29:3
29:17 30:2
34:18,18
36:21
39:11 40:1
43:23 51:2
52:6 57:19
85:20 86:6
86:8 119:8
131:22
154:15
blanket
23:14
Board 42:11
44:21
45:10
46:12
48:11 87:9
body 94:22
94:24
bolts 36:25
bonus 48:1
56:24 62:5
62:13 63:3
74:1,11,14
74:16 75:2
75:6,9,10
75:14,25
76:14 77:5
77:20,21
77:25 78:2
78:5,6,8,13
79:23
83:16
114:16
117:13,14
120:13,18
139:19
140:4,4,6
140:12,17
140:19,20
140:25
141:5,6,7
148:19,22
149:1,7,15
150:1
bonuses
47:25 48:5
48:7,11
60:6 76:1,8
82:2,8,10
82:15,19
83:15
117:9,16
127:7
133:5
140:23
149:18,20
149:21
bore 98:15
bored 143:17
borrow
27:12
89:17
91:22 93:6
151:11
borrowed
36:6 88:22
89:6 120:2
136:25
borrowing
88:21
bottom 31:5
bought 32:17
93:9,11
125:14
128:21
144:6,18
bound 95:20
box 66:14
boxes 30:5
boy 134:7
braces
107:13
breach 95:4
99:1
break 25:4
25:15
42:24 61:5
61:12
108:17
109:19
breath 25:12
brief 83:7
94:3
118:14
135:9
bring 109:11
broad 87:24
94:10
106:3,9
118:8
127:24
128:4
130:10,13
130:25
131:1,10
132:17,20
134:14,23
broadest
129:22
broadly 7:9
131:6
brought 17:9
19:3 105:2
119:4
129:6
147:25
Brunei
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brush 106:9
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bundle 5:2
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business
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businesses
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buy 29:3
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70:6 92:24
93:9
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148:1
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buyer 124:21
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buying 36:25
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capacity 87:5
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capital 68:21
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car 105:20
care 47:12
career 2:11
10:12
137:23
carry 8:17
19:12
27:16
73:24
carrying
146:4
cars 93:7
128:3
case 7:19
21:6 38:18
70:23 89:1
91:18 92:5
95:16 99:6
100:6
115:11
119:22
120:23
cases 98:25
117:9,13
117:22
118:17
119:13
120:13
130:13
148:22
cash 88:15
cast 41:10
categorise
12:9
category
12:21
15:22
cause 39:20
cautious
52:18
caveats 9:4
centre
128:14
C
centres
111:12
CACTA 2:8
certain 21:2
calculated
21:17
56:16
48:16
call 14:2 16:8
55:21
called 5:22
56:22 60:3
109:16
67:12
calls 122:6
70:22
Cap 121:8
74:24
122:22

(+44) 207 404 1400
115:6
126:24
135:23
138:21
certainly
19:6 31:3
42:1 58:19
63:25 64:5
65:6,13
73:3,9
76:21
84:16
89:15
98:12
101:8
102:24
104:5
108:12
115:16
125:20
132:22
135:7
148:15
certainty
73:10
Chacko
80:13,14
chain 140:19
chairman
87:8,23
98:2
100:22
110:3
111:13
118:4
127:17,21
127:21
128:8,25
130:6
challenging
110:23
Champions
40:20,25
40:25
46:24,24
chance 32:22
73:1 74:20
change 12:12
12:18,19
14:16
15:24 16:3
16:4,21
29:11,13
63:22 64:3
64:11,20
64:21,24
64:25 65:8
65:16,18
92:6 93:21
93:23
145:8
changed
28:16
89:25
93:19
131:5
changes 19:3
37:12
80:11
changing
64:19
115:23
charge 10:22
10:25
11:10
149:5
charged 6:1
22:17
29:10
123:9
charges
58:15,19
115:3
chartered
2:5,6,6
chasing 53:3
cheapest
123:17
check 139:10
checking
56:6 67:8
chief 18:19
108:11
children
17:24
28:20
92:13
93:17
choice 62:20
75:19
116:17
128:19
152:4
choose 136:5
chose 121:25
141:1
143:20
chosen
149:18
circumstan...
77:19
circumstan...
7:17,19
City 48:10
claim 115:16
clarification
4:3
clarify 15:11
16:7 55:18
80:21 81:9
152:12
clause 13:19
42:10,13
45:9 46:1
clear 12:2
27:24 59:2
64:13 65:2
65:5 75:22
96:12,21
101:15
123:2
134:17
146:11
152:14,22
clearly 101:7
103:17
104:14
105:21,23
106:22
108:13
109:11
clerk 109:4
109:11
client 147:25
clients 89:10
90:6,8,21
92:20,20
92:21,23
93:22 94:3
95:15 97:2
97:6,8
107:1
client's 22:6
close 55:1
118:2
121:9
closely 111:4
club 2:15 3:7
3:20 4:11
4:17 9:21
9:25 10:4
16:13
21:23 23:8
26:13,17
26:20,20
27:1,2
29:12 38:7
40:16 42:8
45:8,9 46:3
46:16,25
47:16 48:9
48:16
49:19
52:14,24
54:20
55:11,16
56:5 59:13
86:25 87:5
87:11 88:8
89:10
93:25 94:6
94:12,24
95:2,5,17
95:19,22
95:23,23
96:13
101:16,19
101:20
104:16
105:21
107:4
110:20,21
118:4,7,13
118:16
119:2
126:23
127:18,23
128:9,17
128:18,23
129:1,1,3,5
129:5,23
130:3,23
132:18
133:7,14
134:2
135:11,19
136:13
clubs 26:18
27:5 48:3
137:24
Club's 94:5
coach 43:4
coffee 25:4
COLIN
61:14
154:12
collapse
111:3
collapsed
126:18
collapsing
126:17
colleagues
9:17 10:19
19:8 22:14
96:4
141:11
149:22
combination
83:20
combine
28:10
combined
29:20
49:23
come 2:11
11:3 14:23
20:15 23:3
26:3,4 36:7
45:12
51:11,18
84:6 90:10
97:10 99:9
108:20
134:8
139:24
151:1
comes 26:6
30:11
44:17
99:23
103:25
129:14
141:13
146:14
149:1
comfortable
9:15,23
39:19 89:5
90:5,21
107:6
123:20
coming 9:6
14:24
24:18
42:21
60:12
61:17
commence
13:3
108:13
comment
14:2 16:20
70:2
commission
133:9
committee
48:10
companies
62:7 76:3
104:3
110:6,15
110:22
111:17,18
114:6,8
116:16
117:8
119:14
123:8
130:6,10
139:1
company
55:20
56:20 74:4
78:4 83:18
83:18,20
84:17
93:20
110:5,13
112:15,18
113:22
114:15
115:25
116:2
117:10,15
121:19
122:9
123:6,11
123:13
124:2,14
127:8
138:22
139:4,5,16
139:18,21
140:3,9
145:25
146:2
151:19,21
151:23,25
152:7,17
company's
82:6
comparative
95:10
compare
14:20 15:6
comparison
111:16
competency
7:24 99:21
competing
126:5
competitive
121:8
126:4
competitors
111:1
complete
28:14 44:9
44:10
79:20 85:1
153:5
completed
68:3 74:19
111:6
124:17
completely
103:11
compliance
112:6
complicated
4:2
complied
88:9
comply
111:25
computer
52:23 53:1
conceivable
105:7
conceivably
104:13
conceive
108:7
concentrate
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concern
10:17
22:14
52:11
106:23
113:7
118:10
concerned
29:22
39:18
52:10,13
78:3 108:5
108:6
117:11
137:14
concerns
54:13
concluded
10:20
106:7
concludes
60:13
conclusion
10:25
22:16
conclusions
8:23
conditions
110:23
111:9
133:7
136:13
confident
88:8
confidentia...
95:20
confirm
44:21
49:18
confirmed
43:12
107:16
conjunction
17:17
connection
12:6,24
13:15
16:21 46:7
76:1
121:20
130:1
139:15
Connell
28:12
33:16,19
33:22 34:9
57:25 89:2
92:15
96:15
Connell's
89:4
consciousn...
54:5
consent 97:6
97:8
consequence
4:13 9:3
46:15
consequen...
141:21
conservative
20:11
consider
3:16 90:7
126:10
140:17
considerati...
73:25
141:23
considered
90:18,22
93:13
96:18
100:16
111:24
116:9
117:12
121:10
123:21
148:18
construed
104:24
consultation
117:17
consulted
19:25
28:12
33:15
consulting
33:18
112:21,22
consumables
9:9
contact 12:5
29:14
37:22,23
58:10,10
92:17 96:1
127:16,20
129:23
contacted
36:19
119:7
content 7:23
context
37:14
45:16
51:24 62:6
71:4 72:17
135:13
137:6,21
141:7

(+44) 207 404 1400
contexts
142:24
continuation
13:9
continue
58:6 79:5
continued
58:6 61:14
71:17
73:14
154:12
continues
137:23
continuing
12:1
continuum
20:16
contract 2:22
10:10
12:11,14
12:15
13:12,14
13:25
14:25
15:10,14
26:23
38:18
39:15
42:10,14
44:11
45:10,25
46:16
48:24 50:5
51:3 94:21
95:3
101:16,21
101:23
102:10,12
103:17
105:23
106:7,14
120:11
130:11,14
132:17,17
132:20
133:8,17
133:20
134:4,9,24
135:1
139:16,17
contractors
147:1
contracts
95:15 99:8
105:19
134:13,16
contractual
59:16 88:1
118:11
contrast
14:20 15:6
20:6
contribute
114:16
contributed
62:15
67:16,21
95:12
120:9
contribution
6:13 107:9
113:25
117:14
133:2
148:23
contributio...
73:23
81:11 84:1
84:20 88:5
88:11
89:11,13
90:6,17,22
92:9,19
95:5
105:20
112:10
113:16,18
113:23
114:15,18
117:6,7,17
117:22
118:18
119:6,14
119:16
120:14,16
control 20:9
controller
4:22
controlling
110:20
convenient
108:20
conversation
63:7 74:22
75:11 77:9
77:12,24
78:2,5,6,7
78:11,12
78:23 79:5
79:6,15
142:21
conversati...
77:20,21
132:9
142:19
conveyanci...
86:19
convinced
74:21
cooperative
22:1 72:24
cope 25:12
copies 94:25
94:25
97:11
copy 4:6
34:15
38:23
65:23
66:11 67:1
67:2 80:17
103:2,19
106:19
109:24
corollary
135:21
corporation
112:8
correct
16:25
20:19,23
36:4,11
49:21 59:5
68:5 72:4
86:9,10
99:11,14
126:7
130:18
152:23
correctly
2:16
correspon...
66:22,24
67:9,10
101:10
132:14
cost 118:16
124:11
126:3
129:13,21
135:11
151:4
cost-effective
114:12
Council 87:6
countries
126:5
country 13:5
13:6
couple 35:18
49:12
58:25 83:7
98:12
138:15
143:17
course 8:19
41:20,24
42:16
77:21 86:5
86:13 96:5
96:11,22
105:16
108:22
113:4
118:19
134:6
138:3
court 3:1
98:25
courtesy
133:19
cover 81:4
107:8
133:6
covered 24:5
24:10
123:22
150:19
covering
56:5 59:13
59:14
84:22
covers
135:15
create 28:18
created
151:21
credit 31:22
critical 64:1
100:9
101:12
cross-exam...
18:23 35:5
59:1 62:1
83:6
102:23
108:13,21
127:12
152:11
154:5,9,11
154:13,14
154:19,20
crucial
128:25
current 1:23
95:23
currently
32:19
111:23
D
date 13:3
35:21 37:2
38:19,22
38:24
40:11,17
46:7 48:16
52:18,19
53:1 70:14
70:16
138:19
dated 3:2 5:5
33:7 44:16
45:14
103:8
131:25
dates 52:23
147:6,8
dating 40:6
David 1:8,22
26:24
40:13
60:21 85:3
85:4 86:2
87:23,25
88:2,6 94:9
106:2,9
108:18,24
108:25
109:9,21
109:23
116:12,23
121:19
122:25
123:13
124:5
125:10,17
127:13
132:7
134:17
148:10,13
149:17
150:17
153:8
154:3,17
day 8:13
59:21
113:9,9
130:8
131:14,16
134:8
146:18
dead 17:24
deal 27:8
45:24,25
46:2 85:23
85:25 99:7
102:7
104:18
127:22
136:8
148:2
dealing
48:18
86:23 99:3
119:2
134:16
dealings
17:10
18:15 94:4
122:25
deals 130:7,9
130:9
143:22
dealt 7:24
9:20 28:14
37:4,5 92:2
106:9
Dear 132:7
death 56:3
59:25 89:1
89:21 91:7
92:12
debt 19:22
28:24 72:7
89:7 111:5
December
26:21 38:7
38:24
41:17 50:6
50:17
87:18
103:8
December/...
40:18
decide
128:24
136:21
140:4
141:17
149:14
decided
40:15 92:8
92:13
121:22
122:7
143:18
149:1
decides
139:19
deciding
37:12
137:6
140:12
141:7
145:13
decision
93:21
116:6
128:8
141:9
148:25
decisions
117:19
Decision-m...
111:15
Declaration
66:18
declared
22:22
declined
110:25
decreasing
72:8
dedicated
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deducted
82:11
114:18,24
deed 19:4
64:18,21
65:22,23
66:11 67:7
115:7,8
117:2
120:2
136:25
Deepwater
5:24 6:9,17
6:19 7:1,1
definition
91:9
definitive
132:19
133:20
degree 98:6
146:24
delay 43:21
51:10,11
52:4,7
delays 52:8
delegate
140:22
delegated
119:9
demand
107:25
108:1,4
demanding
93:1
depart
108:12
department
124:7
departments
48:21
depend
83:17
dependants
91:4
dependent
82:20
depending
120:12
138:8
140:5
Depends
138:9
depicted
59:18
deposit 6:15
68:13,15
68:17
69:15
describe
14:10
23:13
106:5
125:24
described
20:1
130:22
147:17
describing
28:11
desirability
72:15
desirable
72:16
detail 8:22
17:19 21:5
23:24
27:21 66:4
90:8,14
113:6,8
116:19
118:11,20
128:2
129:7
130:9,12
131:8
133:12,17
detailed 4:24
88:1
details 27:11
84:19 95:1
98:14
142:14
detrimental
16:7
develop
123:15
124:1
142:7
144:7
developed
121:11
development
110:19
122:4,11
124:15
Dick 134:7
Dickson 53:5
90:10
118:14
135:9
didnt 27:6
die 28:23
died 27:17
29:1 72:6
88:23 89:6
dies 28:19
difference
6:7 11:10
51:24
different
12:9 55:23
109:17

(+44) 207 404 1400
111:10
128:2
137:12
151:4
differently
58:6
difficult 1:11
41:20 44:1
71:15
126:14,15
difficulties
43:18
dilapidated
121:7
dint 20:14
direct 24:7
63:6 66:13
92:17
97:20
125:18
directed 57:5
122:21
directly 10:7
118:25
119:2
121:4
138:22
director 4:22
75:7 86:24
87:2
106:13
111:18,23
112:23
140:15,16
149:5
directors
106:13
122:14
disagree
119:23
disagreed
96:10
disappointed
79:3
disaster
128:22
disclosable
99:13
100:20
disclosed
22:20 95:2
95:6
101:16,20
102:5,11
105:22
disclosing
99:8
disclosure
22:11
discount
5:22
discounted
6:6 120:24
discovered
89:24
107:19
discovery
23:6 108:5
discretion
73:7 82:6
discretiona...
117:9,13
120:17
148:19
discuss 13:17
74:18 79:2
96:5 101:3
118:8
140:16
141:11
149:22,25
150:1
discussed
9:17 22:13
26:23 46:6
83:15
134:19,20
134:23
140:14
149:6
discussing
74:15 77:3
149:2
discussion
11:19 21:4
40:10,12
63:3 75:5,6
75:8,14,22
76:5,6,9,13
76:19
79:10,24
96:6,12
100:10
118:19
132:9
133:11
142:11,12
143:5
147:20
151:18
discussions
62:4 80:8
87:22 88:2
90:19
106:1
116:20
121:21
130:4
133:22
137:5
142:13
143:9
dispute 17:8
disputed
95:13
distance
60:11
distinction
64:22
150:24
distributed
150:10
dividends
140:8
divider 2:21
30:11 33:2
division
38:13
66:16
111:2
130:1
131:20
divisions
111:11,13
Doctorate
110:8,10
document
2:21 3:4,5
4:8,11 5:4
5:5,7,8,10
5:11,16,18
5:20,21,23
15:19,21
16:2 24:4
30:18
31:24
32:23 39:8
39:8,15
43:11 46:6
53:13,19
54:3 66:12
66:21,23
67:10
115:10,12
132:23
133:23
documenta...
4:15,16,19
4:24 22:16
50:15
69:12,13
90:2 95:3
96:13
98:17
106:15
113:8
117:1
documented
73:11
documents
4:5 5:18
7:4,6,8
15:23 16:1
16:3,10,11
20:21 21:7
29:13
37:24 38:1
39:5 52:23
58:11,21
64:15 90:8
93:23
97:12
115:20
doing 19:11
29:21
43:15
109:17
144:25
145:24
146:13,20
147:22
Donald
78:12,25
79:6,24
112:22
140:15
149:4,10
149:25
door 144:4
144:12,16
doors 147:2
dot 53:22
doubly
107:14
doubt 17:7
42:20 73:6
83:18
84:19
109:3
115:19
119:23
doubts
115:21
Douglas 4:21
21:2 87:25
90:10
118:13
129:7
downturn
110:24
Dr 12:25
13:5 22:6
22:24 23:1
23:3,10
55:8,16,21
55:25 56:6
81:23
82:10,18
83:8 109:5
109:16
149:17,21
149:24
150:3,6,8
150:12,22
150:24
151:6,10
151:13
152:13
draft 4:11
41:17 68:3
80:9
drafted
33:12,14
draw 45:13
71:9
120:11
drawn 89:19
drew 5:19
84:1
drifter
147:14
drop 83:10
due 6:2 8:18
27:13
42:16
51:17,19
71:22
91:12
116:5
120:4
121:1
137:2
duly 125:7
Dundee
94:17
Dunfermline
29:19 86:9
86:25 87:8
87:9
duration
133:1
dusted 49:7
d'Antibes
121:8
122:23
124:20
E
E 107:12
earlier 7:8
13:13
15:23
40:17 44:2
46:6 51:11
75:16,23
77:24
149:2
early 4:7
25:4 80:9
116:6
124:18
earned 69:24
earning
94:15
137:22,24
earnings
10:8 56:7
easier 71:18
easily 101:12
East 86:8
easy 144:11
economic
110:23
141:21
Edinburgh
86:16 89:2
110:11
EDWARD
109:21
154:17
effect 6:1
44:4 55:14
89:18
93:23
117:2
effective
91:17
126:3
effectively
6:7 11:8,25
17:24 18:8
18:10
20:24
effectiveness
115:20
116:10
efficient
48:21
126:20
either 19:10
65:25
72:14
117:8
121:3
137:10
141:17
Elavacat
146:15
eldest 139:9
emerged
116:17
employ 60:1
employed
97:2
110:16
124:10
employee
2:14 3:12
6:13,16
15:25
79:12
88:19
104:17
105:22
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29th October 2010

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employees
55:24
97:23,23
112:18
113:18
114:3,7,11
116:11
117:12,24
126:9
127:3
138:25
148:18
employer
104:16
105:22
107:11
112:9
employers
101:19
employment
41:20 42:9
42:11 43:9
45:8,10
46:16 47:8
50:5 62:7
105:19,23
enable
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Equity 66:18
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fait 79:16,17
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fall 27:13
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falls 71:22
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extensive
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extent 20:24
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external
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extract 103:1
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extracts
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eye 41:10
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final 37:17
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finance 4:22
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financial
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find 8:6 20:7
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fine 128:2
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firm 2:4 89:2
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fiscal 112:1
fit 85:9
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five 147:13
fix 130:9
fixed 120:3
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fixer 147:15
fixing 149:12
flat 29:3,4,6
29:8,8
31:14
32:13,15
35:13 36:3
36:6,9,15
37:1,7,10
59:3
flickering
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flippant
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flow 6:11
88:15
fluctuate

London EC4A 2DY
Day 5
Murray Group v HMRC
29th October 2010

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GBP 14:22
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gentleman's
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gentlemen
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genuinely
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getting 43:21
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giving 6:14
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Glasgow
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Glen 1:6,7,8
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Gleneagles
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global
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GM 111:20
go 1:19 2:24
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goalkeeper
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goes 13:21
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going 1:4,10
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good 22:3
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grant 5:24
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grateful
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greatest
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gross 6:5
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grossing
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grounds
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group 3:9
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66:7 76:6
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groups 101:2
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Group's
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guarantee
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guess 16:8
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guidance
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guy 59:19,21
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145:1

London EC4A 2DY
Day 5
Murray Group v HMRC
29th October 2010

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Heart 94:16
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Herts 134:7
Hibernian
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holding
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Holdings
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holiday 29:8
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Honorary
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Horne
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hour 25:6
hours 130:8
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humble
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hundred
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identifies
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identify
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Ignore
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illness 133:8
imagine
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immediate
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immediately
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Immobilier
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implications
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important
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importantly
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imposing
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impression
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improve
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improvem...
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inappropri...
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including
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income 10:21
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increased
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incurring
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indemnified
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indemnities
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indemnity
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INDEX
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indicated
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indicating
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indication
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individual
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individuals
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inform 7:20
informal
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informed
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informing
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inheritance
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initially
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injuries
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Inland 12:22
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input 111:14
inquiring
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inserted 33:4
Insinger
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Inspector
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inspectors
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instance
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instances
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institutions
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instrumental
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insurance
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29th October 2010

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Day 5
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29th October 2010

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Strathearn
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strength
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strongly
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Day 5
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29th October 2010

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suppress
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sure 7:18
16:1 18:22
30:19
34:22
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52:24 55:1
55:17,18
61:24
64:22
66:12 67:8
76:16
79:24
80:22
92:16
106:19
109:11
113:12
Surely 100:5
suspect
101:12
suspects
60:20
swimming
145:11
Switzerland
17:13
swivel 26:6
sworn 1:8
86:6
109:21
154:3,15
154:17
system 47:5
47:25
T
tab 109:1
tail 127:7
take 2:18 5:2
5:3,10 8:14
13:7 20:17
25:6 30:9
30:15
37:10
42:23,24
43:8,25
57:13
67:13
70:17 77:4
84:15 85:8
90:7 92:20
97:11
99:16
108:19
132:13
140:1,11
141:2,7,9
141:23
142:4
143:2
147:7
taken 25:8
55:16
100:2
118:2
120:16
138:6
152:3,13
152:14,24
talk 40:24
62:4
106:10
138:14
139:16
142:1,19
talked 23:11
62:8
talking 8:24
35:22 36:3
49:5 51:23
51:25
59:11
62:12 63:1
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76:17
133:15
135:14
140:11,13
151:6
talks 34:15
130:2
targets 74:24
tax 1:25 2:6
2:13 4:12
5:1 9:20,22
10:21,24
10:25 11:4
11:10 12:7
12:23 13:4
15:12,13
22:7,9,12
22:20,23
23:4,11,15
23:15,20
23:23 24:6
27:1,17
28:1,13,24
29:5 33:23
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88:8,19,20
88:25 89:3
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90:4,20
91:18 92:9
92:12,16
93:13 96:2
96:20,23
96:25
107:4,5,9
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107:15,17
112:6,6,6,8
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114:17,23
115:3
121:14,15
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taxation
16:12
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tax-efficient
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team 43:4
47:13 48:1
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47:9 48:24
133:5
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technical
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technicalities
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television
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134:14
109:4
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134:10
136:5,7,12
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145:23
terribly
telling 74:23
78:19
95:21
thank 8:17
ten 27:14
14:15
tend 20:7,9
15:13
47:15
18:19 21:9
83:15
22:3 23:10
ten-year
24:13,16
120:25
24:19
term 6:3
25:13 35:4
11:16
38:7 40:3,4
57:11
47:3 54:9
111:8
54:10 57:4
120:3,4,25
58:3,22
137:1,2
60:9 61:10
termed 84:13
61:17,20
terminate
65:19
42:9 43:9
71:20 77:8
terminated
80:2 83:3
45:9
84:24
termination
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45:22,25
97:16,18
46:3,7,15
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51:8
125:10
terms 6:18
127:11
7:1 9:14
148:10,11
11:1 13:17
149:16
15:24
151:13
17:14,15
153:3,4,8,9
17:18
Thanks 55:5
58:23
60:10,14
81:22
thereof 7:7
thing 10:20
32:9 37:3
48:3 59:16
80:21 81:8
85:13
129:16
134:11
141:22
143:22
145:14,15
things 24:1
25:11
47:13 86:4
108:18
133:10,16
133:24
think 1:3,5
2:15 3:5
4:1,10,20
6:3,23 7:4
8:14 12:15
13:11 14:8
14:23 15:1
15:18,20
16:5 17:1
18:11
21:19
24:16,23
26:11
28:24 30:6
32:2,4,6,8
32:24 33:7
33:20,25
34:6 35:21
36:21 37:5
37:20 40:6
40:10,14
41:7 43:23
48:15 49:3
49:13,25
50:2 51:14
52:22
54:20,21
54:25
55:11,13
56:2,3,9,20
57:21
58:10,13
59:10 62:6
63:6 64:5
66:5,23
69:11,16
70:12,13
70:15,17
70:22 72:1
72:9 74:15
75:6 78:7

London EC4A 2DY
Day 5
Murray Group v HMRC
29th October 2010

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tidy 106:13
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time 4:4,21
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tradesmen
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trading
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transaction
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transition
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travel 60:11
travelled
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treatment
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Tribunal
1:13 2:10
7:9 22:4
25:25 26:5
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86:12
97:20
98:13,15
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Trident
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tried 96:6
140:7,9
trouble
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troubles
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true 29:16
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trust 3:7,10
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trustee 16:22
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trustees 6:14
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Tuesday
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Turcan
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89:4 92:15
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turn 5:2 16:7
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132:21
turnaround
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twice 45:4
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two 3:18 4:6
6:7 9:4
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56:21 62:7
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74:16 76:1
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77:19
79:11
80:10 86:2
88:10 96:2
98:5,11,19
99:15
118:3

London EC4A 2DY
Day 5
Murray Group v HMRC
29th October 2010

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unknown
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unreal 8:3
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view 8:14
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villa 121:7,9
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146:16,22
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volume
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W
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79:14
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Walker
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Walter 129:2
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81:8
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148:1
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8:8 9:23
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way 9:1 18:9
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79:11
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121:15,18
122:12
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126:7,19
135:25
137:15
139:25
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143:25
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ways 72:9
113:19
119:16
weaknesses
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wealth
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wear 47:15
wee 140:21
week 70:25
71:6 74:16
133:2
weeks 67:9
97:12
143:17
went 14:10
15:1 70:24
74:4,6,17
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151:10
weren't 24:8
52:10
Western
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we're 24:17
25:11
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48:18
51:23,25
60:12 63:1
72:17 74:8
75:16,23
85:14
98:11
126:4
135:14
136:14
139:25
we've 29:25
36:3 46:6
61:17
126:15,23
127:1,2
136:6
whammy
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whilst 2:14
12:7,7 14:5
106:24
wide 124:15
wide-rangi...
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widow 17:23
18:4
wife 18:4,7
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92:11,14
willing 91:11
91:25 94:6
116:7
willingness
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Wilson 78:12
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winding
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windows
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wind-up
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wise 126:2
wish 6:14
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wished 92:20
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148:17
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wondered
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wondering
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wording 9:23
9:24 24:9
words 57:16
work 27:9
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99:4 111:4
111:13
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worked
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55:1 59:20
72:9 86:22
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121:16
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working 46:2
66:9 73:2
74:14 78:3
works 27:23
world 126:4
126:6
139:12
worldwide
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worry 34:2
worth 74:21
worthwhile
39:17
wouldn't
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48:23
69:25 71:6
72:13
95:18,25
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108:14
128:5
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131:7,7,14
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140:21
wound 18:11
18:11
write 19:22
92:21
writing
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54:18
written
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38:18
54:17
104:19
wrong 24:5
100:7
wrongly 2:12
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wrote 67:24
Y
year 11:18
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73:10,18
74:2,8
77:21

London EC4A 2DY
Day 5
Murray Group v HMRC
29th October 2010

Page 174
82:13,14
82:19,22
83:12,17
84:2,3,13
84:13
94:15
105:17
117:13
137:25
141:16
148:19
years 2:2,4
11:17,20
20:7 22:9
27:14
47:14
55:15 59:6
59:21 63:2
71:14
72:18,20
73:21
83:10,19
86:15,23
87:12 94:4
98:12,23
107:23
108:6
110:12
112:7
118:5
121:17
124:8
128:21
131:11
133:16
139:21
147:10,11
147:11,13
149:20,24
Yesterday
1:3
young 20:8
101:1
134:7
Z
Zealand
147:11
0
01 50:17
02 50:17
05/06 49:9
07 81:10
09 81:10
09/10 81:10
1
1 2:21 4:8
13:19,22
13:22
14:22 26:8
26:9,13
38:19 42:9
86:14
110:3
153:11
154:3,4
1A 70:21
1,945 81:12
81:14 84:3
84:21
1.18 85:16
1.5 69:8,13
1.8 125:15
150:6,12
1/21 117:5
10 11:18,20
28:21
49:13
60:24 61:5
72:18,20
73:10,18
73:21
88:10
98:12
107:23
108:6
112:19
132:10
133:16
137:25
153:11
10% 133:8
10,000 67:15
67:20
75:25 76:5
76:14 77:5
77:9
10.01 1:2
10.47 25:14
100 110:5
130:6
100% 65:5
66:12
98:23
100,000
50:21
109 154:17
154:18
11 2:2 29:2
31:12 35:7
35:9,9
38:24
67:13,18
88:17
109:1
112:24
131:25
132:2
11.22 25:16
110,000 45:2

(+44) 207 404 1400
113 5:3
12 29:8 89:9
106:16
113:4
115:8
12.18 61:11
12.30 61:13
122 32:4,5
123 6:20 32:1
126 154:19
128 31:21,24
13 29:11
42:10,13
45:9 67:19
89:15
107:18
113:12
130:1
131:20
132:3
130,000 45:2
14 29:14
37:22
52:15
71:20 90:3
103:6,6
114:3
140,000 45:5
143,000 45:3
15 33:8 73:22
90:12
114:10
129:18
15A 32:25,25
33:2,3
34:17
15,000 82:13
82:16,18
15/52 115:7
15/55 115:9
15/58 117:1
150 154:20
150,000 45:5
16 90:24
115:5
16,000
132:11
160,000 42:5
45:1 51:19
51:23
162,000
51:23
17 67:25
70:17,21
81:24
91:13
115:11
17s 101:2
18 52:19,25
91:24
115:24
154:5
19 2:24 92:3
116:4
19s 101:2
1968 86:17
1970 86:17
1974 110:14
1985 86:24
1986 110:9
1994 26:16
30:1
1995 26:19
86:20,24
87:2,10
115:7
2003 45:2,3
45:14
2004 12:16
13:14 45:2
45:2 66:17
67:17,22
67:25
73:24
75:16 77:1
82:1
2005 34:13
57:25
115:9
121:6
2
2006 12:20
17:3,4,9
2 3:19 26:16
26:21 29:2
26:22
31:13 33:8
38:19
33:20,21
42:10,13
35:13,22
45:9 50:6
40:8 42:5,9
61:5 66:17
42:12,18
85:2,2,12
43:9 57:25
85:12
68:10
86:16
71:11 92:6
110:7
93:20
125:14
116:3,6
129:25
117:1
144:24
2006/2007
2,000 51:24
13:2
2,300 84:2
2007 2:16
2,326 81:14
17:2,3,4,5
81:15
17:9 26:14
84:21
110:9
2,500 73:23
124:18
78:13
2008 103:9
2.13 85:18
110:10
2.47 109:18
2008/09
2.5 144:24
110:24
20 59:21
2009 52:20
86:14,22
52:25 96:4
92:17
2010 1:1
98:23
111:6
112:13
153:11
116:15
2012 30:24
129:18
21 92:25
131:11
101:2
140:9
116:19
2000 2:15
131:20
2001 3:2
154:6
26:21,23
210 103:7
38:7,24
50:6 87:18 212 103:20
22 93:2 117:2
112:13
131:21
114:6
23 66:17 93:8
120:6
117:7
132:2,3
120:6
138:19
24 2:4 44:17
139:7
93:18
2002 3:16 5:5
117:12
30:24
148:16
240,000
36:16
243,545
35:25
25 70:19,24
117:22
154:7,8
25% 140:9
250,000
14:24
94:15
26 13:7 30:24
118:2
135:3,6
27 116:2
117:1
118:17
28 2:20,21
5:12
118:24
29 1:1 30:11
94:2 115:7
119:13
136:23
29th 31:25
32:2
3
3 27:4 56:23
83:23,25
85:7 86:19
110:12
3,500 110:15
3.00 109:20
30 14:21
43:25
94:13
120:6
138:14
147:10
31 13:9,19
42:10,12
43:9 44:12
94:21 99:7
99:12
100:18
120:11
139:15
32 2:20 95:10
120:19
33 13:9 95:14
121:6
142:1
34 86:8 95:17
121:13
35 96:2
121:21
139:11
142:4,6,10
154:9
350 131:12
36 96:21
122:3
151:24
37 80:18 81:4
97:1
122:13
139:11
38 122:17
39 123:11
4
4 2:19 5:5
27:6 30:6,7
30:10
38:13 61:6
86:22
110:17
4,000 132:12
4.02 153:10
4.1 104:1
4/29 38:14
40 80:21,25
81:8,13
83:23
123:25
145:23
400 131:12
400,000
50:10
41 124:17
147:17
42 125:2
150:16
460 56:21
5
5 27:9 33:21
61:5,6
86:24
103:8
110:22
5,000 73:23
74:11,14
74:17,18
78:9,17
50,000 50:13
50:20
530,000
42:12
43:22
46:13,19
46:20 51:7
54 154:10
560,000
49:20
54:15
56:15,16
59 154:11
6
6 27:13 32:13
38:20
66:20 87:6
111:10
125:14
600,000 15:2
61 16:14,15
154:12
62 16:16
154:13
667,000
13:22
14:25
67 34:6
68 66:16 81:1
81:2
68th 67:17
67:22
7
7 27:21 38:15
38:22
50:12 57:6
87:12
111:18
70 40:5 41:8
71 41:14 42:1
74 15:18,19
43:11
78 15:19
8
8 28:3 66:13
66:15
80:24
87:16
111:22
148:16
8,000 133:2
8/68 66:16
82,000 31:8
31:15
35:21,24
36:13,14
83 154:14
84 30:16,17
86 154:15,16
9
9 28:12 49:13
49:14
54:13
56:19 59:8
62:3 63:6
80:23
87:22
105:25
112:13
90 98:23
90% 140:3
95 5:14

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Day 5

Murray Group v HMRC

29th October 2010

as many of our competitors), while the Group's metals

division moved from profit to loss almost overnight as a

result of a global collapse in prices. As a result, the

Group had to work closely with its bankers with a view

to restructuring the Group's debt and activities. In

2010 that restructuring was completed, placing the Group

in a position where it can stabilise and improve its

trading position over the short to medium term subject

to improvement in market conditions.

"6. The Group is run in a number of different

divisions which are autonomous units which run their own

centres of profit and loss. The management of these

divisions work with me as Chairman of MIH. I provide

strategic guidance and more in-depth input as

appropriate. Decision-making within the Group is, I

believe, relatively informal in comparison with other

groups of companies of similar size.

"7. I am a director of a number of the companies

within the Group, including Murray Group Holdings Ltd,

Murray Group Management Ltd, GM Mining Ltd, Murray

Metals Group Ltd and Murray Outsourcing Ltd.

"8. The Group has a dedicated finance function,

headed by the Group Finance Director (currently Mike

McGill). I have always considered that the Group should

comply properly with all relevant applicable legal,

Q. Could I ask you to read that to the Tribunal.

regulatory and fiscal standards. The Group's finance

function (together with the Group's legal function)

plays the key role (with, where appropriate, assistance

from specialist external advisors) in this regard. The

finance function's remit includes responsibility for the

Group's tax affairs (including tax compliance and tax

planning). Over the years, the Group has paid

substantial amounts of corporation tax. As a major

employer, it has also paid substantial amounts of income

tax and national insurance contributions.

"9. On 20 April 2001, the Murray Group Management

Limited Remuneration Trust (the 'Trust') was established

by Murray Group Management Limited, a company forming

part of the Group. It was a Trust which was intended to

be used to provide benefits to present, past and future

employees of the company and their relatives.

"10. So far as I recall, the Group became aware of

the idea of a trust of this kind through Argyle

Consulting, an independent financial adviser based in

Glasgow. Argyle Consulting mentioned the idea to Donald

Wilson (who was then Financial Director of the Group).

"11. I recall that Ian MacMillan, the Group Tax and

Pensions Manager, was primarily responsible for liaising

Merrill Legal Solutions

8th Floor 165 Fleet Street

Murray Group v HMRC

their behalf. As I understood it, because the Trust was

matter for the trustee of the Trust as to what should be

29th October 2010

('Equity'). Equity was replaced as trustee of the Trust

Merrill Legal Solutions

8th Floor 165 Fleet Street

Murray Group v HMRC