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Ladbrokes owner GVC deals with probe by UK tax authority
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21 July 2020

Ladbrokes owner GVC has said it is "shocked" the UK's tax body is broadening a query into "possible business offending" connected to its former Turkish online betting unit.

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

GVC offered its Turkish organization in December 2017.

The company stated it was co-operating with investigation.

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GVC were notified of the yohaig code advancement on Monday, however said it had yet to be notified of which of its subsidiaries were being investigated.
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It said it was "amazed by the decision to extend the yohaig code examination in this promotion code way and are dissatisfied by the absence of clearness provided by HMRC regarding the yohaig code scope of its examination".
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"HMRC has not yet offered details 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 examination."

Section 7 states that a business organisation is guilty of an offense if an individual related to that business allurements another person to get or maintain business, or to acquire or keep an advantage in the conduct of company.

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 examination.

HMRC decreased to comment.

In July 2019, GVC was required to deny reports that it was still gaining from its previous Turkish subsidiary, stressing that it no longer had ties with the service.

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

"Furthermore, the board also categorically refutes suggestions that the group, or senior management, continue to benefit from any operations servicing the Turkish market."

Liz Coleman, former HMRC tax inspector and specialist of advisory company Integrated Dispute Resolution, said the could go on for a long time.

"HMRC investigations are usually lengthy and considering the size of GVC it might be going on for many years, although if there's a targeted approach it could be shorter," she said.

"They need to analyse all the computer records too, so this promotion code could include 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 control of in 2007 and oversaw the business's acquisitions of competitors 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 Covid-19 pandemic.
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