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Taxman to Profit From Rooney's Bad Bets12 April 2006MANCHESTER, UK -- As reported by the (UK) Guardian: "Sven-Goran Eriksson will not be the only one keeping a close eye on the outcome of imminent negotiations between the Wayne Rooney and Michael Owen camps over the Manchester United striker's gambling debts. Rooney's advisors and representatives of Stephen Smith, a business associate of Owen who took the bets over a six-month period, will haggle over the outstanding £700,000 in the coming days and HM Revenue and Customs are sure to be watching closely. "As a licensed bookmaker Smith is required to pay betting duty of 15% on gross profits, some £105,000 should he get the full £700,000 he claims to be owed. Smith's company Goldchip Limited was granted a bookmaker's licence only last Thursday, but his lawyers McKay Law insist that at the time the bets were struck Smith was licensed to act as an agent to a third-party bookmaker, meaning duty is still payable..." |