Nice tax refund for Ladbrokes

UK bookie firm expects to receive GBP 80 million in tax refund

The Brit land and online gambling company Ladbrokes is looking forward to a major windfall of GBP 80 million (around $123 million) following a settlement with UK tax authorities, it announced this week.

The settlement covers substantially all the outstanding items in the tax years through to December 2007, and will result in the recognition in the 2010 income statement of a GBP 262 million tax credit in relation to prior years.

The finance charge in 2010 will also be reduced by around GBP 20 million to reflect the interest consequences of the settlement.

Ladbrokes said its guidance for the effective accounting tax rate over the medium term remains unchanged at 19 percent, but that it expects the cash tax rate over the same period to fall to about 15 percent to reflect the utilisation of tax losses.

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