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HMRC WINS TAX AVOIDANCE CASE AGAINST LADBROKES
02nd December, 2015 at 21:09:02
Involves £ 54 million.
HM Revenue and Customs has won a tax avoidance in a British court against Ladbrokes
involving £ 54 million.
The First-tier Tribunal ruling means Ladbrokes cannot reclaim £54m in tax," HMRC said. "Another three similar cases are worth £112m of tax."
According to HMRC, the tax avoidance scheme, which was promoted by accountancy firm Deloitte in 2008, exploited a loophole that was closed in the same year. The relevant legislation was strengthened in 2009.
The scheme involved two Ladbrokes Group companies, Ladbrokes International and Travel Document. An "artificially manufactured" fall in the share value of one company created a loss in the other company for tax purposes, however the group suffered no real economic loss.
"Avoidance just doesn't pay
Related News Tags: Ladbrokes
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