Gordon Browns new Gambling Tax
Chancellor of the Exchequer has new plans to introduce a new gambling tax, Mr Gordon Brown will announce plans in next month's Budget that will set the wheels in motion for the regulation and licensing of the online gambling industry.
It is expected that in return for a small amount of tax, companies can obtain a UK licence and continue operating overseas. The amount of tax is not confirmed but could be as low as 2 percent. The new tax will be called Remote Gaming Duty. This compromise would allow gambling companies to avoid British VAT.
September is the month that companies will be allowed for the first time to relocate to the UK and obtain a licence under the Gambling Act. However, all gambling firms have said they would never relocate to the UK if they had to pay a tax on gross wins like high street casinos do.
Head of online gambling at Ladbrokes Mr John O'Reilly, was pleased with the plans, confirming that if the rate of tax was less than 3 percent, Ladbrokes would have no problem signing up for a UK licence.
Click here for Casinos
It is expected that in return for a small amount of tax, companies can obtain a UK licence and continue operating overseas. The amount of tax is not confirmed but could be as low as 2 percent. The new tax will be called Remote Gaming Duty. This compromise would allow gambling companies to avoid British VAT.
September is the month that companies will be allowed for the first time to relocate to the UK and obtain a licence under the Gambling Act. However, all gambling firms have said they would never relocate to the UK if they had to pay a tax on gross wins like high street casinos do.
Head of online gambling at Ladbrokes Mr John O'Reilly, was pleased with the plans, confirming that if the rate of tax was less than 3 percent, Ladbrokes would have no problem signing up for a UK licence.
Click here for Casinos
posted by Glenn at Tuesday, February 27, 2007
<< Home