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Taxes may force Betfair offshore.
(From Accountancy Age)
Betfair, a major sponsor of horse racing, has been handed a licence to operate its exchange in Malta.
While the company said it had no current plans to move offshore, a spokeswoman explained that the Malta licence could be a possible 'fall back option' if the Treasury was to tax the company in an 'uncompetitive way'.
Betfair currently pays around 15% of its gross revenue from commissions to the Treasury. A spokeswoman said this added up to GBP9.3m in 2004, which will 'significantly rise' in 2005. 'On top of …
