Rangers fans have reacted to the news that HMRC has reportedly overestimated their club's tax bill by 'around £50million'.

The Times report that the mistake is being blamed for Rangers' financial meltdown and fall into Scottish football's third tier in 2012.

According to the publication, the taxman 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.

Taxman error blamed for Rangers downfall amid reports true liability just £20m

Fans have taken to social media to blast the "scandal" and have demanded answers amid the speculation and confusion.

One said: "Literally numb reading this and thinking of the chain of events that it kicked off!"

Another added: "If you can make a £50 million mistake, how many lives ruined and businesses closed due to mistakes in the £1000's?"

One commented: "Blunder? Aye right."

A fourth added: "Rangers fans, players, employees suffered because HMRC got a figure WRONG!! I am SO F***ING ANGRY I could scream.  

"8 years of HELL we went through because an institution got a figure WRONG."

Ibrox legend Ally McCoist has already urged HMRC to front-up and give an explanation as to how this could have happened.

Rangers hero Ally McCoist demands answers after HMRC 'overestimate tax bill by up to £50million'

He 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."​