GIBRALTAR BOUND?
6 March 2009
90 Will Hill jobs to go overseas
The press conference following the release of William
Hill plc's latest financial results revealed some
interesting relocation possibilities for the UK gambling
group. The Times was the first to pick up on a reference
to relocation by CEO Ralph Topping that might hint at a
move of the land and online gambling giant to Gibraltar,
already a popular, white-listed, low-tax domicile for
major gambling companies.
Topping said that the
company was relocating 90 jobs in its online sportsbook
operation overseas, mainly to Gibraltar - a move that
The Times interpreted as a warning to the British
Treasury.
Topping apparently described the
current British tax regime as “absolutely dopey”, saying
that, while British-based Web operations paid a 15
percent gross profits tax and a 10 percent racing
industry levy, offshore operators paid as little as 1.5
percent in tax.
Asked whether William Hill,
which has beefed up its online operations in recent
months through deals with Orbis Technology and Playtech,
could move offshore,Topping replied: “It's reviewed
every year.”
The Times speculates that such a
move offshore by a major outfit like Will Hill could
spark an exodus from the UK similar to that seen after
Victor Chandler moved to Gibraltar to avoid betting tax.
Ladbrokes was among those that followed, although it
repatriated its business after Gordon Brown scrapped
betting duty in 2001, when he was Chancellor.
Online Casino News Courtesy of
Infopowa
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