Ladbrokes has lost a £54m tax avoidance case after a First-tier Tribunal ruled that the UK bookmaker’s attempt to avoid corporation tax was against the law.
The decision means that Ladbrokes cannot reclaim £54m in tax from UK tax authority Her Majesty's Revenue & Customs (HMRC).
The tax avoidance scheme was promoted by accountancy firm Deloitte in 2008 and exploited a loophole in part of the tax code regarding the taxation of loans. The loophole was closed [...]
