GVC could shift tax residency
GVC Holdings will hold a vote next month to decide whether it will relocate the governance and tax residency of the company.
UK.- GVC Holdings has announced that it will hold an Extraordinary General Meeting (EGM) on February 6 in Gibraltar to consider a proposal to relocate the company’s management and tax residency out of the Isle of Man.
The company established its business in Isle of Man in 2010 as the territory had a more favourable tax regime for GVC’s business. A decade later, GVC says that the conditions in the Isle of Man are forcing them to rethink if the territory is as suitable as it was back then.
“[We will] consider the proposal to relocate the Company’s place of management and control and consequently its tax residence to the United Kingdom, and the adoption of new articles of association of the Company to facilitate this relocation,” said GVC in the notice published on the company’s website.
Moreover, GCV said that if the company becomes a UK tax resident, it should have no material adverse impact on the groups’ effective tax rate or tax cash outflow for the foreseeable future. It would benefit from improved internal/external corporate communications and logistical capacities and would then reduce corporate costs.
