William Hill driven offshore by tax
Gibraltar becomes new home for gaming company seeking competitive tax position
Betting shop chain
William
Hill is to move its telephone betting operations to Gibraltar in a bid to
improve its tax position.
Chief executive Ralph Topping, said in a statement: “This significant change
to our telephone business is a response to the challenge of competing with
betting exchanges and offshore telebetting operators, all of whom have
benefited from significant cost and tax advantages over UK bookmakers. This has
made it impossible for our existing business to compete profitably from the UK.”
Last year William Hill paid £265m in tax.
Reports in the Daily Mail say the move could mean 160 redundancies
with a further 200 jobs under threat as the business goes into a 90-day
consultation period.
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