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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 expanding an inquiry into "possible business upseting" related to 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 sold its Turkish organization in December 2017.

The business stated it was co-operating with investigation.
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GVC were informed of the advancement on Monday, but stated 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 way and are disappointed by the absence of clarity offered by HMRC as to the scope of its investigation".
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"HMRC has actually not yet provided 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 business organisation is guilty of an offence if a person related to that business bribes another individual to acquire or maintain service, or to get or keep an advantage in the conduct of business.
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GVC's share cost was down 10.6% to 778.2 p on Tuesday following the news.

The UK Gambling Commission informed the BBC that it was "helping" 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 business.

"The 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 stated.

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

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

"HMRC examinations are generally lengthy and thinking about the yohaig code size of GVC it might be going on for several years, although if there's a targeted approach it might be shorter," she said.

"They have to analyse all the computer system records too, so this promotion code might include a lot more time."
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The HMRC's choice comes simply a week after Kenneth Alexander revealed that he was stepping down as GVC's president.

Mr Alexander took control of in 2007 and supervise the of rivals Ladbrokes Coral and Bwin.party.

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