3rd Dec 2015 06:40
LONDON (Alliance News) - Ladbrokes PLC has been blocked from reclaiming GBP54.0 million in tax after a tribunal ruled that an avoidance scheme the bookmaker used in 2008 breached rules, the Financial Times reported.
The case related to a tax planning scheme promoted by accountancy Deloitte which exploited a loophole in part of the tax code relating to the taxation of loans.
The tribunal sided with HM Revenue & Customs, the UK tax authority, which argued that rules are in place that prevented Ladbrokes from being able to exploit the loophole.
https://next.ft.com/content/2387238c-991b-11e5-9228-87e603d47bdc
By Sam Unsted; [email protected]; @SamUAtAlliance
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