Tote to avoid tax with offshore betting plan | Business | The First Post: "Government-owned bookmaker the Tote has revealed plans to move some of its business offshore and reduce its tax liabilities in the process.
Fully state-owned since its foundation in 1928, the Tote has now said it wants to sidestep income tax by filtering bets placed with offshore bookmakers through its Guernsey outpost.
The Tote operates on a pool-based betting system which allows customers of other bookmakers to bet into Tote markets. Tote's plans would see many of those bookmakers directing bets through the Guernsey hub.
The horse racing industry, which is partially funded by a tax on bookmakers, said Tote's intentions were proof that the UK gambling regulations needed to be reined in.
'This is further evidence of Britain's gambling regulations being in need of urgent attention,' said the British Horseracing Authority's head of external affairs, Will Lambe."
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