Lottery firm Camelot accused of avoiding £10million tax | Mail Online
Camelot uses Payday loans!
Good job we closed down EBTs etc
National Lottery owner Camelot has today been accused of avoiding at least £10million in corporation tax by exploiting a loophole that HMRC knows about but has never closed.
Just weeks after the cost of a Lotto ticket doubled to £2, it emerged the Canadian-owned business has used a legal fiddle based in a tax haven.
To take advantage of the loophole, Camelot reportedly took out high-interest loans from its parent company via the Channel Islands Stock Exchange.
They then used the giant interest payments these generated to reduce their profits, which may have saved them at least £10million in tax since April 2010.
Just weeks after the cost of a Lotto ticket doubled to £2, it emerged the Canadian-owned business has used a legal fiddle based in a tax haven.
To take advantage of the loophole, Camelot reportedly took out high-interest loans from its parent company via the Channel Islands Stock Exchange.
They then used the giant interest payments these generated to reduce their profits, which may have saved them at least £10million in tax since April 2010.
Good job we closed down EBTs etc
