Playtech eyes tax residency switch from Isle of Man to UK
London-listed supplier follows GVC in relocating to the UK for board and shareholder meetings
Playtech is planning to migrate its tax residency to the UK from the Isle of Man in early 2021. According to Playtech, it was originally incorporated and tax registered on the self-governing British Crown dependency in the Irish Sea because it was previously considered the “most suitable” tax regime for the purposes of the company. However, the board has now proposed a switch to the UK as it would better align with the supplier’s expected future operations “given the evolution” of the business. Should the move go ahead, it would allow Playtech to conduct both board and shareholder meetings from the UK, to encourage greater participation from shareholders. The pivot will be discussed at a general meeting held in the Isle of Man at midday on 18 December. FTSE 100 operator GVC made a similar decision in January 2020. Relocating tax residency to the UK could prove a prudent strategy for UK-centric gambling firms looking to placate the government as it prepares to conduct a review of the 2005 Gambling Act.