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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 broadening an inquiry into "potential business upseting" associated with its previous Turkish online betting unit.

It said HM Revenue & Customs had broadened its probe into suppliers GVC used in Turkey to consist of other entities within its group.

GVC offered its Turkish service in December 2017.

The company said it was co-operating with investigation.

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

It stated it was "surprised by the decision to extend the examination in this promotion code method and are dissatisfied by the lack of clarity supplied by HMRC regarding the scope of its examination".

"HMRC has actually not yet offered details of the nature of the historic conduct it is examining, with the exception of a recommendation to section 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under examination."
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Section 7 states that a is guilty of an offense if an individual related to that company bribes another individual to obtain or keep organization, or to acquire or keep a benefit in the conduct of company.

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

The UK Gambling Commission informed 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 taking advantage of its former Turkish subsidiary, worrying that it no longer had ties with the service.
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"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 linked to the Turkish market," GVC said.

"Furthermore, the board also categorically refutes tips that the group, or senior management, continue to benefit 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 investigation could go on for a long time.

"HMRC investigations are typically prolonged 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 might add much more time."

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

Mr Alexander took control of in 2007 and oversaw the company'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 Covid-19 pandemic.
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