Playtech shares its plans to move its tax residency to the United Kingdom at the beginning of 2021. The headquarter of the giant gaming company is currently located in the Isle of Man where it is also tax registered. Playtech believes that the relocation of the tax residency to the UK will be more beneficial to the company’s business.
The gaming giant will hold a general meeting on 18 December 2020 in the Isle of Man, where it will propose changes to the articles of the company’s association. Playtech hopes that the migration proposal will be approved at this general meeting and it will be able to move its tax residency to the UK at the beginning of next year.
Reasons for Playtech to Relocate the Tax Residency
At the time of its establishment, Playtech was tax registered in the Isle of Man as it was offering the most suitable tax system for the operation of the company. As the iGaming scene has changed, however, the Board believes that Playtech will benefit more if its tax residency is moved to the UK. The company hopes that the migration will come into effect in early 2021 so Playtech can meet the expectations for its future development.
If the tax residency of Playtech moves to the UK, the company will be able to hold board meetings in the UK, with board decisions also taking place in the new tax residency. Another benefit of the planned migration is being able to host shareholder meetings in the UK, allowing a bigger shareholder participation thanks to the new location of discussions.
On December 1, 2020, Playtech published copies of the Circular that will notify shareholders about the general meeting and the proposal for the relocation of the tax residency to the UK. If the migration of Playtech’s tax residency is approved, this will be another step of improvement for the company’s business in 2021.
In the meantime, Playtech has reached an agreement with Casumo to launch both ist casino and live casino software with the operator. Players from Denmark, Spain, Sweden, and the UK, will be granted access to Playtech’s portfolio via Casumo’s virtual casino.
The gaming company is also planning to launch its casino games with other major operators in 20201. Brands like Dunder, CasinoSecret, and Kazoom Casino will most likely start offering the games provided by Playtech at the beginning of 2021.
The future plans for the company’s development are striving to lead to recovery after the impact of the coronavirus pandemic. Playtech’s revenue report for the first half of 2020 showed a 22.5% drop compared to the results from 2019. Although the beginning of 2020 showed a strong start, the pandemic had a negative effect on B2B and B2C operations, leading to a huge decline in revenue in the following months.
- Author
Olivia Cole
