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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 has said it is "surprised" the UK's tax body is expanding an inquiry into "prospective business offending" associated with its previous Turkish online gambling unit.

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

the yohaig code company stated it was co-operating with examination.

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

It said it was "amazed by the choice to extend the examination in this promotion code method and are disappointed by the absence of clearness supplied by HMRC as to the scope of its investigation".

"HMRC has not yet offered information of the nature of the historical conduct it is examining, with the exception of a referral to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."
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Section 7 states that a commercial organisation is guilty of an offense if an individual associated with that business kickbacks another person to acquire or maintain organization, or to obtain or maintain a benefit in the conduct of company.
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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 "assisting" with the yohaig code 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 the business.
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"The board re-iterates the fact that subsequent to the disposal of the group's Turkish-facing service, GVC has no activity either directly or indirectly linked to the Turkish market," GVC stated.

"Furthermore, the board likewise categorically refutes suggestions that the group, or senior management, continue to take advantage of any operations servicing the Turkish market."

Liz Coleman, previous HMRC tax inspector and consultant of advisory company Integrated Dispute Resolution, stated the investigation could go on for a long time.

"HMRC investigations are typically lengthy and considering the size of GVC it might be going on for many years, although if there's a targeted method it could be much shorter," she said.
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"They have to evaluate all the computer records too, so this promotion code could add much more time."

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

Mr Alexander took over in 2007 and supervise the business's acquisitions of competitors Ladbrokes Coral and Bwin.party.

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