Ladbrokes and the £71 million tax

26 Mar 2018

Ladbrokes CoralBack in 2008 the UK tax system had several "holes", which many companies rushed to take advantage of, regarding loan taxation involving third parties. Once the state found out, it quickly modified the corresponding laws and regulations, which resulted in many companies having to pay their dues retrospectively. As a result, Ladbrokes found itself back in 2015 having to pay £71 million on taxes, which made the company suffer a major damage. In response to the enforcement of this decision, the company made an appeal to the Upper Tribunal of the Tax and Chancery Chamber (UTTCC), questioning its validity.

The Chamber found the appeal to be unjustified, but Ladbrokes took it one step further. The company took the case to the UK Court of Appeal, which led to a second rejection to their statement that their taxation was not called for. The operator once again accepted the Court's ruling and mentioned that the taxes are either way already paid, and they won't influence their financial standing.

There is also solid information that GVC is close to a deal, according to which the group will acquire 53.5% of Ladbrokes Coral, a deal worth $1.4 billion in approximation.

About Ladbrokes Coral

The British operator has been in business for more than 100 years and has an approximate revenue of more than $2.1 billion. It is active in numerous markets and operates 10 different brands, the most well-known being Coral, Eurobet, GalaBingo and Betdaq. The company is on the London Stock Exchange and in 2016 acquired Gala Coral Group, which was when the group's name changed to Ladbrokes Coral. The group's main offices are located in London. It used to own the Hilton hotel franchise for all non-US locations from 1999 up to 2006 and the group then was called Hilton Group plc.

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Being the oldest bookmaker in the whole world is certainly an advantage, but it does come with a great responsibility. Ladbrokes went online in 1999, one of the first bookmakers to do so, and has been through many ups and downs. They still offer high class betting services and try every day to make further improvements in order to cover all needs. Their odds are not the best you may find in the market, but they have plenty of other advantages, such as their betting exchange service and a vast range of sports. They’re a complete choice, offering experience and insight at the same time.

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