Rangers hero Ally McCoist has demanded answers from HMRC after the tax man overestimated Gers' bill 'by up to £50million'.

The Times report that the mistake is now being blamed for the Light Blues financial meltdown which resulted in them dropping down to Scottish football's third tier in 2012.

According to the publication, HMRC claimed too much money from the Ibrox club and that, rather than the £70million initially thought due over EBT payments, the figure owed is actually closer to £20million.

HMRC overestimated Rangers’ tax bill ‘by up to £50 million’

McCoist, 57, has now told talkSPORT: "Well I have to say if this is the case, I know HMRC haven't commented this morning, then some serious questions will have to be answered."

Rangers went into administration in February 2012 over outstanding PAYE and national insurance payments, and subsequently entered liquidation in June 2012.

Former Rangers chairman John McClelland also claimed that the miscalculated tax bill warded off potential investors, which ultimately led to liquidation.​

McClelland said: "At the time of the sale of the club in 2011, had the tax claim been at the level now being reported then, the outcome would have been different.​

"I believe there would certainly have been a much higher level of interest in acquiring it and therefore more potential buyers."​