TaxCorporate TaxLadbrokes tax flutter rakes in £340m from HMRC

Ladbrokes tax flutter rakes in £340m from HMRC

Betting giant Ladbrokes confirms settlement with the taxman, which is worth more than £340m

Ladbrokes will rake in more than £340m from the taxman after hammering out a
settlement to long-running disputes.

The betting giant
confirmed
the windfall in its interim results to 30 June
.

On 21 April 2010 Ladbrokes said it had reached a settlement with HMRC,
covering substantially all outstanding items in respect of tax years through to
31 December 2007.

“The settlement resulted in the recognition in the 2010 income statement,
within the tax charge, of a £261.9m tax credit in relation to prior years,”
Ladbrokes said today.

“Additionally the group received cash of £80m in respect of corporation tax
repayable from HMRC.”

Further reading:

HMRC
reaches settlement with EDS

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