Source: HMRC Press Release 25 February 2017
Ladbrokes has lost a long running legal battle with HM Revenue and Customs (HMRC), costing the high street bookie £71 million.
They had used a Deloitte tax avoidance scheme in an attempt to minimise their Corporation Tax bill by artificially manufacturing a loss.
“The decision is another win for HMRC, which this financial year alone has protected over £1.7 billion of public money through its enforcement of the tax rules”, said HMRC’s Director General for Customer Compliance, Jennie Granger.
There were originally 11 users of this type of scheme, nine have now conceded and paid the tax owed.