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Ladbrokes owner GVC faces probe by UK tax authority
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21 July 2020
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Ladbrokes owner GVC has stated it is "shocked" the UK's tax body is widening an inquiry into "possible corporate offending" connected to its former Turkish online system.

It stated HM Revenue & Customs had actually expanded its probe into suppliers GVC utilized in Turkey to include other entities within its group.

GVC sold its Turkish company in December 2017.

The company said it was co-operating with investigation.

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

"HMRC has actually not yet provided information of the nature of the historic conduct it is investigating, with the exception of a referral to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under examination."

Section 7 states that a business organisation is guilty of an offence if an individual related to that company allurements another person to get or maintain service, or to acquire or maintain a benefit in the yohaig code conduct of company.
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GVC's share price was down 10.6% to 778.2 p on Tuesday following the news.
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The UK Gambling Commission informed the BBC that it was "helping" with the yohaig code investigation.

HMRC decreased to comment.
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In July 2019, GVC was forced to deny reports that it was still taking advantage of its former Turkish subsidiary, stressing that it no longer had ties with the business.

"The board re-iterates the fact that subsequent to the disposal of the group's Turkish-facing organization, GVC has no activity either straight or indirectly connected to the Turkish market," GVC stated.

"Furthermore, the board likewise unconditionally refutes suggestions that the group, or senior management, continue to take advantage of any operations servicing the Turkish market."

Liz Coleman, former HMRC tax inspector and expert of advisory company Integrated Dispute Resolution, stated the examination might go on for some time.

"HMRC investigations are normally lengthy and considering the size of GVC it might be going on for many years, although if there's a targeted technique it might be much shorter," she stated.

"They need to evaluate all the computer records too, so this promotion code might add even more time."

The HMRC's choice comes just a week after Kenneth Alexander announced that he was stepping down as GVC's president.

Mr Alexander took control of in 2007 and oversaw the business's acquisitions of competitors Ladbrokes Coral and Bwin.party.

GVC reported a 22% drop in overall net revenues for the second quarter this promotion code year due to the effect of the Covid-19 pandemic.
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