New investigation: how Sky Bet relocated to Malta to avoid £55m of tax/year This kind of tax planning is often reported as "clever, but perfectly proper, and there's no suggestion that any laws were broken".
But here it looks improper. Laws may have been broken.
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“ITV News’ report on Flutter raises serious concerns of potential tax avoidance that warrant thorough investigation” - Gordon Brown.
Former PM has written to ask MPs on @CommonsTreasury to examine “transfer pricing, tax avoidance, and the VAT loophole described by Dan Neidle”
Exc: The Chancellor faces pressure to hike taxes on gambling firms in the Budget. The industry says it’s already heavily taxed.
But Sky Bet has quietly shifted its HQ to Malta - potentially cutting its UK tax bill by 10s of millions of pounds a year.
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https://t.co/a1sxoTjLds
I’d been tipped off that a BGC-commissioned report was coming a couple of weeks ago, and was expecting an extensive takedown of the SMF, IPPR and Gordon Brown by one of the ‘Big Four’ tax/finance consultancies.
So this evening I’ve finally had time to sit down and have a read…
No offence to EY, but calling it a bit thin is an understatement. The entire document is 7 pages, including front cover, back cover and disclaimer page. The actual assessment of the tax impact is just two pages long. It’s basically just an exec summary of costings.
And it’s not just the length that’s a bit thin. The analysis of price elasticity is based on a 2014 Frontier Economics report — already over ten years out of date, describing a completely different political and market context — and the “report” (all 2 pages of it) acknowledges that the estimated impacts of a tax increase on employment are only “illustrative”.
I mean, what does the BGC seriously expect us to do with this? My only hope is that they didn’t pay too much money for it…
Baffling evidence to committee earlier today.
Industry refused to accept that social harm being caused by huge increase in online slots.
Up to 60% of their profits driven by 5% of their customers - I wonder why they see no issue.
Fantastic to be included in this year’s Women in Westminster top 100. Congratulations to the brilliant women on this list and happy International Women’s Day everyone! #WiW100#IWD2023@DGA_Global https://t.co/9gwiBjDB5H
Very much enjoyed chairing @UK_DGA ‘s dinner with @wesstreeting MP last night. Thank you Wes for your insight, time and clearly setting out Labour’s vision for government.
In the eye of the storm at Conservative Party Conference, it was great to host our annual #CPC22 dinner.
Many thanks to @LOS_Fisher for using her deep insight to outline the lay of the political land.
To hear about future events, email [email protected].
'Labour’s challenge is to not to become complacent, lulled into a false sense of security, and rest its political future on the Conservatives imploding.'
Former Labour Parliamentary candidate, DGA's @naushabah_khan, gives her review of #Lab22:
https://t.co/PNgIYzNzCG
Hot on the heels of an undeniably dramatic fiscal statement, we were delighted to host our annual #Lab22 conference dinner.
Thank you to @stephenkb for providing his well-informed and entertaining analysis of the political landscape.
It’s hard to recall a time when an incoming Prime Minister has faced so many serious challenges on numerous fronts all at the same time.
DGA's Stephen Bramall looks at the monumental issues facing Prime Minister @trussliz:
https://t.co/sfhr7bTiNl
Boris Johnson has resigned as Prime Minister.
What happens next? How do Conservative MPs and party members select a new Leader?
We outline that process, exploring what it means for anyone wanting to continue to advocate for their causes and campaigns:
https://t.co/BOVd9uiNdZ