Tag Archives: HMRC

Treasury praises UKGC for contribution on AML research

Publishing its ‘Anti-money laundering and counter-terrorism financing supervision report 2017/18’, the HM Treasury has praised the UK Gambling Commission (UKGC) for its contribution to research and insights on UK AML concerns. The Treasury publishes its seventh ‘AML/CTF report’, seeking to improve compliance transparency and accountability for UK supervisory stakeholders, across multiple business disciplines. In its report, the HM Treasury consults …

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No Favours expected as UK gambling prepares for its new Tax reality

The UK government has released its policy paper supporting the 2018 Budget, detailing the Treasury’s fiscal planning, monetary policies and industry/commercial duties. The update confirms that the government will implement its long-awaited FOBTs £2 stake reduction from October 2019, a directive that will cost the Treasury £270 million in lost tax revenues by 2023/24. Making up for tax shortfall, the …

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Bookmakers could be set for substantial FOBT payout

Fixed Odds Betting Terminals (FOBTs) have returned to the news once again, after a first-tier tribunal found in the favour of bookmakers, which could potentially see them rake in a billion pounds in paid VAT from 2005 to 2013. The original decision by the tribunal deemed that Category B2 games should have been VAT exempt from 2005 to 2013, after …

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Ladbrokes loses legacy £71 million HMRC tax dispute

The UK Court of Appeal has rejected Ladbrokes Coral’s £71 million tax avoidance claim, siding with UK Revenue & Customs (HMRC) over the decade-long legal dispute. In October 2017, Ladbrokes Coral governance had taken its dispute to the Court of Appeal, having lost a three-year-long hearing at the UK Tribunal Court. The Ladbrokes legacy tax avoidance case relates to a …

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UK Court of Appeal to hear Ladbrokes Coral £70 million HMRC dispute

Bloomberg News has reported that FTSE-listed Ladbrokes Coral Plc is set to take its £70 million overturned UK Revenue & Customs (HMRC) ‘2008 tax avoidance’ dispute to the UK Court of Appeal (the UK’s second highest law court). The betting group targets a February date for the Court of Appeal to rehear its arguments against HMRC, who had charged Ladbrokes …

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Sportech seeks new leadership duo as Penrose & Kalifa resign

Sportech Plc has this morning informed that Chief Executive Ian Penrose and Chief Finance Officer Mickey Kalifa have both notified the board of their ‘intentions to resign’ from company leadership. The London-listed betting and racing systems provider informs that Penrose will maintain leadership of the company until 31 December assisting Sportech governance in its leadership transition. Kalifa’s CFO resignation is …

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Sportech looks forward following ‘transformational’ H1 2017

The governance of London-listed industry betting and racing systems provider Sportech Plc has described the first half of 2017 as a ’transformational period’ for its business. The company which continues to expand internationally, securing new betting systems contracts in Asia, Denmark and the USA (Connecticut) would report H1 2017 period corporate revenues of £36.4 million up 5% corresponding 2016’s £34.7 …

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UK Government freezes free play tax on 2017 Finance Bill

The UK government will not introduce a tax on industry ‘free plays’ and customer bonus incentives, as Parliament shuts down and prepares for the 8 June General Election. Last December, HMRC introduced new provisions accounting for duties on customer free plays issued by operators which would be attached to the 2017 Finance Bill. Updating industry stakeholders, the government has chosen …

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Appeal loss sees Ladbrokes hit with £70 million HMRC tax charge

UK business news sources have reported this weekend, that bookmaker Ladbrokes has been hit with a £70 million tax charge relating to an overturned UK Revenue & Customs (HMRC) ‘2008 tax avoidance’ scheme. The UK Tax Tribunal stated that Ladbrokes Group and its auditor Deloitte knowingly exploited a 2008 tax loophole relating to loans between corporations and third parties to …

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GBGA dealt ‘one entity’ blow in UK tax challenge

European Court of Justice Advocate General Maciej Szpunar has dealt a blow to the legal challenge brought by the Gibraltar Betting and Gaming Association (GBGA) against the UK HMRC’s 2014 new tax regime on online gambling duties. Detailing his opinion on GBGA’s ongoing challenge, Szpunar stated that British overseas territory Gibraltar and the UK should be treated as ‘one entity’ with regards to …

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