User Rating: 5 / 5

Star ActiveStar ActiveStar ActiveStar ActiveStar Active
 

UK Ladbrokes Taxed £70 Million

UK Ladbrokes Taxed £70 Million

The UK bookie company tried avoided paying taxes and artificially claimed losses company-wide. Tax service discovered tax bill and put the bill in the amount of £70 million.

The strategy was implemented by the company back in 2008 and saw the group and the Travel Document Services come to an agreement where "...an artificially manufactured fall in the value of shares in one company would be used to create a loss in the other company for tax purposes." The ruling saw that there were no real losses at Ladbrokes, and therefore the group shouldn't have been allowed to claim the tax exemption.

Speaking about the issue Her Majesty's Revenue & Customs Director General Jennie Granger said,

"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."

Ladbrokes has not issued a comment on the matter and is reportedly considering all of its options as of press time.

The bookmakers, like real casino and online casino belong to the sphere of gambling, and severely taxed by the state. Many companies do not want to part with huge sums of money and try to illegal methods to save their money.

Related articles

Deposits and Withdrawals of Online Casinos
Welcome to our Casino payouts and withdrawals page here at our website. gambling is fun, and any wagering you do should always be for entertainment. Playing online casino games for cash is all about...
Craziest and Fanniest Casino Gambling Stories
The gambling world can sometimes produce really off-the-wall stories. Every month there are plenty of cases of individuals going to extreme lengths to pay back debts, or of simply bizarre behavior at...
21 Exciting Gambling Tattoos
Save a bit of your gambling money to enjoy life at its fullest with a tattoo. You could be attracted by these exciting gambling tattoos!
90 Playing Casino Tattoos – Lucky Ideas, part 1/3
To stylishly flaunt a gambler’s paradise, ink connoisseurs are experiencing a masterful metamorphosis via playing card tattoos. These dashing emblems can turn you into the sexiest walking...
90 Playing Casino Tattoos – Lucky Ideas, part 3/3
The tradition of ornamenting the body with symbols came to us from ancient times. Tattoos protected, told everybody about the fate of their hosts and attracted luck. Each ornament had its destiny and...
90 Playing Casino Tattoos – Lucky Ideas, part 2/3
To spice up your playing card ink, you can add some alluring visual elements. Many tattoo lovers enjoy the magnetism of a poker deck on fire. Furthermore, the Ace of Spades has some occult oomph to...