Posts Tagged ‘Gibraltar’

Ladbrokes confirms moving to Gibraltar

Ladbrokes has confirmed that it is moving its online sport betting and phone betting sections to Gibraltar.  This move has come about due to Gordon Brown’s idea to raise the gambling tax for companies like William Hill to 15% last year, where in Gibraltar they can pay 1.5%.  The move of Ladbrokes offshore will cost the UK treasury millions.  Chief Executive of Ladbrokes Christopher Bell commented”Operating from the UK has become unsustainable and we will relocate by the year end.”

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Ladbrokes and William Hill moving offshore

Two of Britain’s biggest bookmakers Ladbrokes and William Hill are thinking of moving offshore due to the UK 15% betting tax which they think is too high.  Victor Chandler and Paddy Power pay 1.5% tax as they are based offshore.  William Hill chief executive Ralph Topping is going to announce on Wednesday when the company reports come out whether they are moving online sports and phone betting to Gibraltar or not. Ladbrokes has kept quieter about its plans but will have to make a decision based on William Hills actions.

The result of the companies going offshore will cost the UK allot of money and cost the treasury allot in tax revenue.

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