ladbrokes-owner-gvc-faces-probe

Ladbrokes owner GVC deals with probe by UK tax authority
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21 July 2020
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Ladbrokes owner GVC has stated it is "stunned" the UK's tax body is expanding a questions into "possible business angering" related to its former Turkish online betting unit.

It stated HM Revenue & Customs had expanded its probe into providers GVC used in Turkey to consist of other entities within its group.

GVC offered its Turkish service in December 2017.

The company stated it was co-operating with examination.

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GVC were informed of the advancement on Monday, but stated it had yet to be informed of which of its subsidiaries were being investigated.
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It said it was "shocked by the choice to extend the yohaig code examination in this method and are disappointed by the lack of clarity provided by HMRC regarding the scope of its examination".

"HMRC has actually not yet supplied information of the nature of the historic conduct it is investigating, with the exception of a referral to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under examination."

Section 7 states that an industrial organisation is guilty of an offense if a person associated with that company kickbacks another individual to get or keep business, or to acquire or maintain a benefit in the conduct of service.
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GVC's share price was down 10.6% to 778.2 p on Tuesday following the news.

The UK Gambling Commission told the BBC that it was "helping" with the .

HMRC declined to comment.
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In July 2019, GVC was forced to reject reports that it was still gaining from its previous Turkish subsidiary, worrying that it no longer had ties with business.

"the yohaig code board re-iterates the truth that subsequent to the disposal of the group's Turkish-facing business, GVC has no activity either straight or indirectly connected to the Turkish market," GVC stated.

"Furthermore, the board likewise categorically refutes ideas that the yohaig code group, or senior management, continue to gain from any operations servicing the Turkish market."
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Liz Coleman, previous HMRC tax inspector and specialist of advisory company Integrated Dispute Resolution, stated the examination might go on for a long time.

"HMRC examinations are usually lengthy and thinking about the size of GVC it could be going on for many years, although if there's a targeted technique it could be much shorter," she stated.
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"They have to evaluate all the computer records too, so this could add a lot more time."

The HMRC's decision comes simply a week after Kenneth Alexander announced that he was stepping down as GVC's president.

Mr Alexander took control of in 2007 and oversaw the business's acquisitions of rivals Ladbrokes Coral and Bwin.party.

GVC reported a 22% drop in total net profits for the 2nd quarter this promotion code year due to the impact of the yohaig code Covid-19 pandemic.
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