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Ladbrokes owner GVC deals with probe by UK tax authority

21 July 2020

owner GVC has said it is "shocked" the UK's tax body is widening a query into "potential corporate upseting" connected to its former Turkish online gambling unit.

It stated HM Revenue & Customs had broadened its probe into providers GVC utilized in Turkey to include 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 said 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 method and are dissatisfied by the absence of clarity provided by HMRC as to the scope of its investigation".

"HMRC has actually not yet supplied information of the nature of the historical conduct it is examining, with the exception of a reference to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."

Section 7 states that a business organisation is guilty of an offence if a person related to that company kickbacks another individual to get or retain business, or to get or retain a benefit in the conduct of service.

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 investigation.

HMRC declined to comment.

In July 2019, GVC was required to deny 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 straight or indirectly linked to the Turkish market," GVC said.

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

Liz Coleman, previous HMRC tax inspector and consultant of advisory firm Integrated Dispute Resolution, said the investigation could go on for some time.

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

"They need to evaluate all the computer records too, so this 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 manage the business's acquisitions of rivals Ladbrokes Coral and Bwin.party.

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

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