A tax expert has said suggestions HM Revenue and Customers could be sued over the collapse of Rangers in 2012 is "fantasy stuff".

Jo Maugham QC's warning comes after the tax authority refuted claims that it miscalculated a demand which was a major factor in the Ibrox club's financial crash.

A report in The Times this week claimed HMRC's "multi-million pound blunder" led to the oldco club being consigned to liquidation in June 2012.

This led to some claiming that the taxman could face legal action.

However, tax barrister Maugham insists there is little chance of success.

He told the PA news agency: "HMRC are no longer contending that it is appropriate to apply a penalty and that's pretty much it.

"I've not see anything that suggests HMRC has done anything wrong.

"It's wildly unlikely (that HMRC could be sued over the events which led to the collapse of Rangers) I would say.

"I'm a QC who specialises in tax. I'm a litigator in the tax sphere, so I see all this stuff routinely all the time. "

It would take an absolutely remarkable set of facts before HMRC could be sued for getting the numbers wrong.

"And there is nothing remotely justifying anything like that which I have seen.

"It's a million miles away from that. It's fantasy stuff."

HMRC have already hit back at the claims they had blundered.

In a brief statement on its press office Twitter account, it said: "As widely reported today and to clarify: HMRC won against Rangers' tax avoidance in the Supreme Court, and did not miscalculate anything."

The report stemmed from a June audit by liquidators BDO, who wiped £26m off the amount claimed by HMRC after challenging the imposition of a £24m penalty for the use of an Employee Benefit Trust (EBT) scheme, through which the club paid wages and bonuses which were disguised as loans.

The reduction left the total outstanding to HMRC at £68m and there were claims on Thursday that the figure could drop by a total of £50m.

This led to former Rangers chairman John McLelland arguing there would have been more potential buyers for the club had demands been reduced at the time.

A Rangers spokesman said: "The Times story, if it is shown to be accurate, throws up a great many questions and is a cause for concern.

"Rangers will take time to consider any courses of action which may become feasible."