1 Ladbrokes Owner GVC Faces Probe
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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 said it is "surprised" the UK's tax body is broadening an inquiry into "potential corporate angering" related to its former Turkish online gambling system.

It said HM Revenue & Customs had expanded its probe into providers GVC used in Turkey to include other entities within its group.

GVC offered its Turkish organization in December 2017.

The company stated it was co-operating with investigation.
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GVC were notified of the development on Monday, but stated it had yet to be notified of which of its subsidiaries were being examined.

It stated it was "shocked by the decision to extend the investigation in this way and are dissatisfied by the absence of clearness supplied by HMRC regarding the scope of its examination".

"HMRC has actually not yet provided information of the nature of the historical conduct it is examining, with the yohaig code exception of a recommendation to area 7 Bribery Act 2010, nor has it clarified which part of the GVC group is under investigation."

Section 7 states that a business organisation is guilty of an offence if an individual related to that company allurements another person to acquire or maintain organization, or to acquire or retain a benefit in the conduct of service.

GVC's share rate was down 10.6% to 778.2 p on Tuesday following the news.

the yohaig code UK Gambling Commission informed the BBC that it was "helping" with the investigation.

HMRC declined to comment.

In July 2019, GVC was forced to reject reports that it was still taking advantage of its previous Turkish subsidiary, stressing that it no longer had ties with the service.
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"The board re-iterates the truth that subsequent to the yohaig code disposal of the group's Turkish-facing business, GVC has no activity either directly or indirectly linked to the Turkish market," GVC stated.
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"Furthermore, the board also categorically refutes recommendations that the group, or senior management, continue to gain from any operations servicing the Turkish market."
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Liz Coleman, previous HMRC tax inspector and specialist of advisory company Integrated Dispute Resolution, stated the investigation might go on for a long time.

"HMRC examinations are normally prolonged and thinking about the size of GVC it might be going on for several years, although if there's a targeted method it could be shorter," she stated.

"They have to analyse all the computer records too, so this might add a lot more time."

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

Mr Alexander took over in 2007 and supervise the company's acquisitions of rivals Ladbrokes Coral and Bwin.party.

GVC reported a 22% drop in total net incomes for the yohaig code 2nd quarter this year due to the impact of the Covid-19 pandemic.
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