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Rumours are circling in the UK that one of the nation's largest bookmakers is set to move some of its crucial operations to Gibraltar.
William Hill, who have just moved 90 jobs overseas, mainly to the Rock, could be transferring its internet and telephone operations over here.
Reports emanating locally also suggest that the company have taken up an option on a large amount of extra office space which could quite easily accommodate the new operations.
Bookmakers who are based in the UK have long struggled to compete with their offshore rivals, namely Paddy Power, Betfred and Stan James who pay far less gross profit tax compared to those in Britain. Should William Hill, as expected, jump ship, others could well follow suit such as Ladbrokes who have already admitted that they would be prepared to leave Great Britain and head to Gibraltar.
A mass exodus from the UK could spell trouble for the Racecourse Owners Association who would see a drop of £45 million in lost tax as well as a £30 million loss in 10% levy paid to them.
The Department for Culture, Media and Sport has acknowledged that it does want to level the playing field with overseas businesses but crucially predicts little, if no action prior to next year's General Election.
Source: Gibraltar Chronicle
