Tag Archives: HMRC

Entain Plc has this afternoon announced that it has reached a definitive settlement on its Deferred Prosecution Agreement (DPA) with the Crown Prosecution Service (CPS), concerning the bribery investigation by HM Revenue & Customs (HMRC) of its Turkish-facing business. Terms of the settlement were approved by Dame Victoria Sharp, President of the King’s Bench Division at the Royal Courts of …

The Treasury has been warned by the Betting and Gaming Council (BGC) not to impose a simplified measure on UK gambling taxes, branded as a ‘Trojan horse’ for the industry and its diverse stakeholders. Last week’s Autumn Statement saw Chancellor Jeremy Hunt confirm that the Treasury would consult on proposals to bring remote betting into a single tax framework, replacing …

Entain Plc has reached an ‘in principle’ agreement with the Crown Prosecution Service (CPS) to resolve its Deferred Prosecution Agreement (DPA) concerning the investigation by HM Revenue & Customs (HMRC) of its former Headlong Turkish business. This afternoon, Entain informed investors of obtaining preliminary judicial approval from Dame Victoria Sharp, President of the King’s Bench Division, to finalise a £585m …

Regulatory difficulties have dogged Entain’s Q3 performance significantly according to the group’s leadership, particularly in Germany and the UK with the group facing an ongoing HMRC investigation in the latter. Expect headlines…. In his address to investors following publication of the company’s Q3 results, group Chairman Barry Gibson informed that Entain will go before the courts during Q4 and expects …

Further to this morning’s announcement of H1 2023 interim results, Barry Gibson, Chairman of Entain Plc, has issued a separate statement on the FTSE100 firm’s ongoing HMRC investigation. The news that corporate governance had reserved a £585m legal provision to settle the HMRC dispute related to the former Turkish business terminated in 2017 dominated Entain’s half-year results. “Whilst negotiations with …

Entain Plc stands by its growth strategy and long-term financial prospects, following a transformative H1 trading period in which the FTSE gambling group acquired four new businesses to its global portfolio.  Publishing its 2023 Interim trading results, Entain registered a net group revenue (NGR) of £2.4bn, up 14% on H1 2022 results of £2.1bn. Generating a period NGR of £1.65bn …

HM Revenue & Customs (HMRC) tracks £1.62bn in tax receipts generated by UK gambling during the first half of the financial year for 2022/2023 (April 2022 to March 2023). The tax authority has published its latest data sets for ‘UK Betting and Gaming’ which include ‘provisional tax receipts’ on income generated during the interim months of 2022/2023 (April-to-September 2022). Generating …

Rank Group Plc has reached an agreement with HMRC in relation to its outstanding VAT refund claim on slot machine income.  Providing a market update, Rank disclosed that HMRC has agreed to issue a refund of £77.5 million paid machine duties paid from April 2006 to January 2013. In April 2020, an Upper Tribunal judgement voted in favour of Rank …

HMRC has accepted a policy proposal that will expand the tax bands on gross gaming yield (GGY) applied to land-based casino earnings.  New tax bands will be applied from 1 April 2022, as HMRC aims to maintain casino operator duties at real levels of inflation. Applied since 1997 and last amended during 2021, HMRC currently applies a staggered 15-to-50% tax …

Rank Group Plc has been granted a 60-day extension by the First-tier Tribunal Tax Chamber (FTT) to resolve its settlement on incorrect gaming machine duties charged between 2005 and 2013 with HMRC.  The LSE gambling group is guaranteed a tax rebate as HMRC can no longer challenge its appeal previously rejected by an Upper Tribunal review – which serves as …