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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 "stunned" the UK's tax body is expanding an inquiry into "potential business angering" to its previous Turkish online gambling system.

It said HM Revenue & Customs had actually expanded its probe into providers GVC utilized in Turkey to include other entities within its group.

GVC offered its Turkish organization in December 2017.

The company said it was co-operating with examination.
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GVC were informed of the development on Monday, however stated it had yet to be informed of which of its subsidiaries were being investigated.

It stated it was "amazed by the choice to extend the investigation in this method and are disappointed by the absence of clarity offered by HMRC regarding the scope of its examination".

"HMRC has actually not yet provided information of the nature of the historic conduct it is examining, 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."
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Section 7 states that a business organisation is guilty of an offense if a person connected with that company kickbacks another individual to obtain or keep service, or to get or keep an advantage in the conduct of organization.

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

The UK Gambling Commission told the yohaig code BBC that it was "assisting" with the investigation.

HMRC declined to comment.

In July 2019, GVC was forced to deny reports that it was still benefiting from its former Turkish subsidiary, stressing that it no longer had ties with the organization.

"The board re-iterates the reality that subsequent to the disposal of the group's Turkish-facing service, GVC has no activity either straight or indirectly linked to the Turkish market," GVC stated.
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"Furthermore, the board also categorically refutes ideas that the group, or senior management, continue to take advantage of any operations servicing the Turkish market."
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Liz Coleman, former HMRC tax inspector and expert of advisory company Integrated Dispute Resolution, stated the examination could go on for a long time.
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"HMRC investigations are usually lengthy and considering the size of GVC it could be going on for many years, although if there's a targeted approach it could be shorter," she stated.

"They need to analyse all the computer records too, so this promotion code could include even 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 over in 2007 and supervise the company's acquisitions of rivals Ladbrokes Coral and Bwin.party.

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