London-listed gaming operator Ladbrokes has lost its appeal in a long-running battle with HM Revenue and Customs (HMRC), costing the operator £71m.
The dispute centred on what HMRC described as a "tax avoidance scheme" promoted in 2008 by accountancy firm Deloitte, which used a legal loophole to minimise corporation tax.
The loophole, which has since been closed, saw two companies within the Ladbrokes group enter into arrangements whereby an artificially manufactured fall in the value of the [...]
