David Jetuah, Accountancy Age, Thursday 5 August 2010 at 09:39:00

Betting giant Ladbrokes confirms settlement with the taxman, which is worthmore than 340m


Ladbrokes will rake in more than 340m from the taxman after hammering out asettlement to long-running disputes.

The betting giantconfirmedthe windfall in its interim results to 30 June.

On 21 April 2010 Ladbrokes said it had reached a settlement with HMRC,covering substantially all outstanding items in respect of tax years through to31 December 2007.

"The settlement resulted in the recognition in the 2010 income statement,within the tax charge, of a 261.9m tax credit in relation to prior years,"Ladbrokes said today.

"Additionally the group received cash of 80m in respect of corporation taxrepayable from HMRC."

Further reading:

HMRCreaches settlement with EDS