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Ladbrokes owner GVC deals with probe by UK tax authority

21 July 2020
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Ladbrokes owner GVC has stated it is "stunned" the UK's tax body is widening an inquiry into "potential corporate angering" associated with its former Turkish online gaming unit.

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

GVC sold its Turkish business in December 2017.

The business said it was co-operating with examination.

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GVC were notified of the advancement on Monday, but stated it had yet to be informed of which of its subsidiaries were being examined.
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It said it was "surprised by the decision to extend the examination in this promotion code method and are dissatisfied by the lack of clearness provided by HMRC as to the scope of its investigation".

"HMRC has not yet supplied details of the nature of the historical 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 investigation."
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Section 7 states that a business organisation is guilty of an offense if a person related to that business bribes another individual to get or keep service, or to acquire or maintain a benefit in the conduct of business.

GVC's share cost was down 10.6% to 778.2 p on Tuesday following the yohaig code news.
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The UK Gambling Commission told the BBC that it was "helping" with the examination.

HMRC declined to comment.
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In July 2019, GVC was forced to deny reports that it was still benefiting from 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 organization, GVC has no activity either directly or indirectly connected to the Turkish market," GVC stated.
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"Furthermore, the yohaig code board also 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, stated the investigation might go on for some time.

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

"They have to evaluate all the computer records too, so this promotion code might add even more time."
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The HMRC's decision comes simply a week after Kenneth Alexander announced that he was stepping down as GVC's chief .

Mr Alexander took control of in 2007 and manage the business's acquisitions of rivals Ladbrokes Coral and Bwin.party.
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GVC reported a 22% drop in total net incomes for the 2nd quarter this promotion code year due to the effect of the Covid-19 pandemic.

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