Ladbrokes receives £80 million rebate

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Ladbrokes receives £80 million rebate

After several months' discussion with HM Revenue and Customs in the UK, Ladbrokes, the gambling company, has received an £80 million ($123 million) rebate.

 

The repayment settled a number of outstanding tax-related matters going back a number of years, the company said.

"We have an excellent and transparent working relationship with HMRC," a Ladbrokes spokesman said. "The rebate was a result of overpaid tax over a period of years and resulted in a cash rebate of £80 million, the creation of a deferred tax asset and an accounting benefit resulting from various provisions made in accounts in prior years to allow for costs we would have incurred had the settlement gone against us.

"The cash will be used to pay down debt and will reduce our cash tax rate to 15% for the medium term," the spokesman added. "Our ongoing corporation tax rate guidance remains 19%."

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