The post Gordon Brown Calls for Probe Into Sky Bet’s Move to Malta Amid Tax-Avoidance Fears appeared first on Vegas Slots Online News.
Former UK Prime Minister Gordon Brown has raised concerns about potential tax avoidance as Flutter moves its Sky Bet subsidiary to Malta.
He has called on the Treasury Select Committee members to look into whether online gambling companies are exploiting the UK’s tax regime. This committee is already assessing suggested changes to the taxes that betting firms pay ahead of Chancellor Rachel Reeves’ budget next week.
Brown specifically singled out “transfer pricing, tax avoidance” and a VAT loophole that reportedly helped save Sky Bet up to £24m ($31m) in marketing expenses in 2024.
savings equal £31m ($40m) based on SkyBet’s 2024 profits
ITV News first reported on Wednesday about Sky Bet’s move that could save it tens of millions of pounds in tax every year. Tax specialist Dan Neidle stated that the company’s effective corporate tax rate would fall from 25% in the UK to as low as 5% in Malta. The savings would be £31m ($40m) based on Sky Bet’s 2024 profits.
Liberal Democrat leader Ed Davey asked during the Prime Minister’s Questions on Wednesday whether the government is going to do something about gambling companies moving their tax residence. The prime minister didn’t respond to the query.
In a statement to ITV News, a spokesperson for Flutter UKI noted that the company remains one of the UK’s biggest tax contributors and “will continue to be so.” It believes it’s fully compliant with all tax laws.
The post Gordon Brown Calls for Probe Into Sky Bet’s Move to Malta Amid Tax-Avoidance Fears appeared first on Vegas Slots Online News.
