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Ladbrokes owner GVC deals with probe by UK tax authority

21 July 2020

GVC has stated it is "shocked" the UK's tax body is broadening a questions into "potential business offending" associated with its former Turkish online betting unit.

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

GVC sold its Turkish company in December 2017.

the yohaig code business 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 said it was "surprised by the choice to extend the examination in this promotion code method and are dissatisfied by the lack of clarity provided by HMRC regarding the scope of its examination".

"HMRC has not yet offered details of the nature of the historical conduct it is investigating, 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."

Section 7 states that an industrial organisation is guilty of an offence if an individual associated with that business allurements another person to get or maintain company, or to get or retain an advantage in the conduct of service.

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

The UK Gambling Commission told the BBC that it was "helping" with the examination.

HMRC declined to comment.

In July 2019, GVC was required to reject reports that it was still taking advantage of its previous Turkish subsidiary, stressing that it no longer had ties with business.

"The 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 connected to the Turkish market," GVC stated.

"Furthermore, the board also unconditionally refutes recommendations 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 company 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 might be going on for years, although if there's a targeted technique it might be much shorter," she stated.

"They need to evaluate all the computer system records too, so this might add 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 control of in 2007 and supervise the business's acquisitions of rivals Ladbrokes Coral and Bwin.party.

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

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