Global gaming operator and technology company Playtech says it is keeping its office in the Isle of Man despite proposals to move its tax residency from the island to the UK.

The company, listed on the FTSE 250 at the London Stock Exchange, has been headquartered in the island for the last 10 years and employs around 10 staff at its ground floor office at St George’s Court, Upper Church Street, Douglas.

There was speculation that the company, which has dealings with many gaming brands including PokerStars owner Flutter, was looking to quit its island home after announcing it was proposing to move its tax residency from the island.

But the Isle of Man Examiner has established that the business has every intention to remain here with a presence where the e-gaming industry plays an important role in the island’s economy accounting for more than 20% of the island’s GDP (gross domestic product).

A spokesman in London for Playtech told the Examiner: ’Playtech has had an office on the Isle of Man for 10 years now and we currently have no plans to change that.’

The Manx government issued this statement: ’The Department for Enterprise has maintained a strong dialogue with Playtech as an e-gaming employer on the island and was made aware of the board’s recent decision.

’As with any company, Playtech have their own requirements, it is positive to note the group will maintain their Isle of Man presence in office and staff as they have done for the past 10 years, a decision welcomed by the department.

’The department continues to see an increased demand in the e-gaming sector for Isle of Man licences.

’We understand that companies that are heavily focused and licensed in the UK may choose to relocate some operations to the UK, however, that makes up a small proportion of the current licensee holders.

’We also continue to see on-island companies looking to expand and commit further to the Isle of Man.’

Playtech filed a notice last week that it has called a general meeting in the island on December 18 to consider proposed amendments.

The company’s interim chairman is lawyer Claire Milne, who is well known in island business circles through law firm Appleby and has previously been chairman of the island’s Gambling Supervision Commission.

The notice says: ’The company was incorporated and tax registered in the Isle of Man because at that time it was considered to be the most suitable tax regime for the purposes of the company’s operations.

’The board now believes that, given the evolution of the company and to better align it with its expected future operational substance, there would be an overall benefit to migrating the company’s tax residency to the UK with effect from early 2021.

’This would allow board meetings and board decisions to take place in the UK and, in addition, the company would be able to hold shareholder meetings in the UK as a matter of course, which should encourage greater shareholder participation.’