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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 "shocked" the UK's tax body is broadening an inquiry into "potential business offending" related to its former Turkish online gaming system.

It stated HM Revenue & Customs had actually expanded its probe into providers GVC utilized in Turkey to consist of other entities within its group.
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GVC sold its Turkish company in December 2017.

The business stated it was co-operating with investigation.

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GVC were notified of the development on Monday, however said it had yet to be notified of which of its subsidiaries were being investigated.

It stated it was "shocked by the choice to extend the investigation in this method and are dissatisfied by the yohaig code absence of clearness provided by HMRC regarding the scope of its examination".

"HMRC has not yet provided details of the nature of the historical conduct it is investigating, with the exception of a referral to section 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."

Section 7 states that a business organisation is guilty of an offence if an individual associated with that business kickbacks another individual to obtain or retain company, or to get or retain a benefit in the of company.

GVC's share cost was down 10.6% to 778.2 p on Tuesday following the news.

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

HMRC decreased to comment.

In July 2019, GVC was forced to deny reports that it was still gaining from its previous Turkish subsidiary, stressing 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 directly or indirectly connected to the Turkish market," GVC stated.

"Furthermore, the board also unconditionally refutes tips that the group, or senior management, continue to gain from any operations servicing the Turkish market."

Liz Coleman, former HMRC tax inspector and consultant of advisory company Integrated Dispute Resolution, said the examination might go on for a long time.
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"HMRC examinations are normally prolonged and considering the size of GVC it could be going on for years, although if there's a targeted method it might be much shorter," she stated.

"They need to analyse all the computer records too, so this promotion code might include much more time."
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The HMRC's decision comes simply a week after Kenneth Alexander revealed that he was stepping down as GVC's primary executive.
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Mr Alexander took control of in 2007 and supervise the company's acquisitions of rivals Ladbrokes Coral and Bwin.party.

GVC reported a 22% drop in total net incomes for the yohaig code second quarter this year due to the impact of the yohaig code Covid-19 pandemic.
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Gambling loophole 'should be closed down'

5 June 2020
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