Ladbrokes gets a £71m penalty

2 Mar 2017

Ladbrokes penaltyA huge fine is going to be paid by Ladbrokes for a case of tax avoiding, since the British bookmaker has lost the appeal over the tax avoidance case. Judges hit them with a £71m tax charge relating to an overturned UK Revenue & Customs (HMRC) “2008 tax avoidance “. As it was referred, Ladbrokes Group back in 2008 created a tax loophole by loaning between corporations and third parties in order to minimize their full year tax bill, The bookmaker appeared evidences that they lost more money, allowing them to pay less taxes.

Jennie Granger, Director General of Compliance at HMRC commented on the matter of the tax avoidance by the British bookmaker Ladbrokes: “Ladbrokes would have been better off just paying the tax but instead they pursued this lengthy legal dispute with HMRC. Avoidance schemes like this just don’t work and HMRC will always take firm action against them. The bookie gambled and lost when the odds of success could not have been lower.»

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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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