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UK Gambling Operators Head Offshore - 08-03-09 |
August 3 - The UK government's insistence that local online betting operators need to fork out 15% betting tax may have backfired in its face, after some of the country's top companies indicated their intentions to move to offshore tax havens.
Two of the countries biggest bookmakers, Ladbrokes and William Hill are due to announce their plans to move their online sports and phone betting operators to locations such as Gibraltar.
Offshore rival companies such as Paddy Power and Victor Chandler are only expected to pay 1.5% tax because of their locations, yet are still allowed to advertise in the United Kingdom because of Gibraltar's position on the UK 'White List'.
The Chief Executive of William Hill, Ralph Topping, has been a vocal opponent of the whopping tax that local operators are expected to pay, and it is believed that he will make the announcement of the group's imminent move to Gibraltar when its interim results are revealed today.
Ladbrokes has not indicated in precise words that it will make the move, but it is believed that if William Hill decides to take the plunge then Ladbrokes will follow suit.
Other companies are also expected to adopt William Hill's re-positioning strategy.
The UK government stands to lose millions of pounds in revenue if gambling operators are good to their word.
The racing industry will also be impacted as the offshore operators will also be exempted from the racing levies that local groups are forced to pay.
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