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Ladbrokes owner GVC faces 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 widening an inquiry into "potential corporate angering" connected to its previous Turkish online betting system.

It said HM Revenue & Customs had actually expanded its probe into utilized in Turkey to include other entities within its group.
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GVC sold 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, however stated it had yet to be notified of which of its subsidiaries were being examined.

It stated it was "surprised by the choice to extend the investigation in this promotion code method and are dissatisfied by the absence of clearness provided by HMRC as to the scope of its investigation".
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"HMRC has actually not yet provided details of the nature of the historical conduct it is investigating, with the exception of a reference to section 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 offence if an individual connected with that company bribes another person to obtain or keep company, or to obtain 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 told the yohaig code BBC that it was "assisting" with the investigation.

HMRC declined to comment.

In July 2019, GVC was required to reject reports that it was still benefiting from its former Turkish subsidiary, worrying that it no longer had ties with business.

"the yohaig code board re-iterates the fact 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 stated.

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

Liz Coleman, former HMRC tax inspector and expert of advisory firm Integrated Dispute Resolution, said the examination might go on for some time.

"HMRC examinations are normally lengthy and thinking about the size of GVC it could be going on for many years, although if there's a targeted method it could be much shorter," she said.

"They have to evaluate all the computer system records too, so this promotion code might add much more time."

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

Mr Alexander took control of in 2007 and manage 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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