BusinessCompany NewsLadbrokes wins £80m tax cash payout from HMRC

Ladbrokes wins £80m tax cash payout from HMRC

Ladbrokes achieves huge settlement with the taxman

Ladbrokes is set to recoup £80m in corporation tax from HM Revenue &
Customs.

In a statement to the Stock Exchange, the gambling business said it expects a
cash receipt of around £80m in respect of corporation tax as part of a
settlement of “outstanding items” in relation to tax years through to 31
December 2007.

Ladbrokes’ 2010 income statement wil include a £262m tax credit in relation
to prior years, of which £216m is current tax and £46m relates to recognition of
a deferred tax asset – which reflects the recognition of tax losses available to
offset in future years.

More to follow.

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