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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