The tax paid by Bet365 owners Denise, John and Peter Coates in 2020 is astonishing £276.
This includes the Coates family’s £113.2m share of Bet365’s corporation tax bill and social security costs, such as National Insurance, made on behalf of its employees.
A total of £130m in tax came from Denise’s £276.6m income, and a further £32.8m from dividends payments.
In total the Coates family had tax liabilities of £276m, nearly twice as much as any other entry on the Tax List.
A Stoke-on-Trent based company didn’t move out their business out of the UK to tax heavens like Gibraltar or Isle of Man, but majority of their operations in Britain.
Robert Watts, the compiler of the Tax list said:
“The rich are often bashed as tax avoiders and if that was always true then it wouldn’t matter when wealthy Brits leave the UK for Monaco, the Caribbean and other tax havens.”
“Our Tax List shows there are a significant number of these people who do contribute tens of millions of pounds a year towards the UK’s public finance each year.”
“This shows that an exodus of the super rich would leave us with weaker public services or paying more tax to fill the gap.”
“The challenge for the Government is to squeeze a fair share out of the wealthy – without driving away the individuals who contribute the sort of sums each year that can build a school or a hospital.”
Denise Coates is a visionary business woman that spotted the potential of online betting 20 years ago. She made bold decision to turn family’s chain of brick and mortar betting shops into first class online gaming venture, and by all means, she did it right.