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General Poker Discussion >> Poker Legislation

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sonneti
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Reged: 02/10/06
Posts: 1446

UK to start taxing gambling winnings again?
#9477545 - 03/08/07 12:29 PM

I read a few days ago in a sunday newspaper that on the next budget Gordon Brown was to introduce taxing gambling winnings again in the UK.

Has anyone heard or read anything to confirm this? I can't find anything so I'm obviously hoping its a BS story.

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Ray Of Light
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Reged: 11/06/03
Posts: 313
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Re: UK to start taxing gambling winnings again? [Re: sonneti]
#9478093 - 03/08/07 01:15 PM

Quote:

I read a few days ago in a sunday newspaper that on the next budget Gordon Brown was to introduce taxing gambling winnings again in the UK.

Has anyone heard or read anything to confirm this? I can't find anything so I'm obviously hoping its a BS story.

Don't worry, the tax mentioned in the article will not be coming out of our winnings payouts.

Basically, to cut a long story short, the chancellor is trying to encourage offshore gambling outfits to move their enterprises into the UK.

Until now, the gambling companies didn't want to do this, because of the massive extra tax they would have to pay if they got a UK license.

So as a compromise, the chancellor has said that he will only tax them a small amount (in comparison to regular brick and mortar licienced bookmakers), since their organisations are exclusively based online.

So basically they get a business tax reduction, simply for being based online. Its great news for the gambling industry in the UK, since it shows that the government wants to encourage growth in the online gambling industry.

Chancellor To Set Taxing Questions
27-02-07

Chancellor of the Exchequer Gordon Brown will announce plans in next month's Budget that will set in motion 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 license 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.

Many of the UKs gaming companies such as 888 Holdings and PartyPoker are based in Gibraltar and other offshore locations, and the government has been keen to find a way of taxing these firms.

From September the companies will be allowed for the first time to relocate to the UK and obtain a license under the Gambling Act. However, all companies have said they would never relocate to the UK if they had to pay a tax on gross wins as high street casinos do. Bricks-and-mortar casinos pay tax of up to 40 percent depending on their size.

John O'Reilly, the head of online gambling at Ladbrokes 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 license.

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GAL
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Re: UK to start taxing gambling winnings again? [Re: Ray Of Light]
#9491095 - 03/09/07 08:57 AM

Yeah I read the same story in the News of The world. i was really worried but RayofLight is right its on companies not us.

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Phil123
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Reged: 02/05/06
Posts: 65
Loc: UK

Re: UK to start taxing gambling winnings again? [Re: GAL]
#9499459 - 03/09/07 07:15 PM

Quote:

Yeah I read the same story in the News of The world. i was really worried but RayofLight is right its on companies not us.

Unless the companies pass it on with higher rake.

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context
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Reged: 05/04/05
Posts: 471
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Re: UK to start taxing gambling winnings again? [Re: Phil123]
#9504833 - 03/10/07 09:42 AM

If Gordon see's a profit in taxing poker players he'll certainly do it one day

.

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Richas
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Reged: 02/17/06
Posts: 484
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Re: UK to start taxing gambling winnings again? [Re: context]
#9506909 - 03/10/07 02:21 PM

Quote:

If Gordon see's a profit in taxing poker players he'll certainly do it one day .

Not sure how you work that one out when it was Gordon that ended the off course betting levy.

There is no reason for the sites to up their rake in response to a small tax on gross profits. The bookies pay 15% now and thrive. Their incentive is for greater turnover, paying the 15% but banking extra revenues from innovations like fixed odds terminals. The online sites want a lot less than 15%, Ladbrokes and Party have basically said fine to 3% gross profits so I'd expect this to be a negotiating position and Gordon to stick them for 5% or 7.5% - we will find out on the 21st of March.

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NoMeansYes_
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Reged: 08/14/06
Posts: 1288
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Re: UK to start taxing gambling winnings again? [Re: Richas]
#9514050 - 03/11/07 06:42 AM

This would also be great, because then Party Poker would become a lot bigger in the UK and probably in Europe, as it would be a real legit buisness, seeing as how it is on UK grounds. This small % could allow them to grow their buisness huge and take back #1

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context
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Reged: 05/04/05
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Re: UK to start taxing gambling winnings again? [Re: Richas]
#9514323 - 03/11/07 08:16 AM

Quote:

Quote:

If Gordon see's a profit in taxing poker players he'll certainly do it one day .

Not sure how you work that one out when it was Gordon that ended the off course betting levy.

It's pretty simple. You think Gordon originally waived those taxes for philanphropic reasons? He did it to stimulate a market that would provide increased revenue down the line. If he thought he could (re)tax parts of that market and keep it stable he would.

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Richas
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Re: UK to start taxing gambling winnings again? [Re: NoMeansYes_]
#9517721 - 03/11/07 04:55 PM

Quote:

This would also be great, because then Party Poker would become a lot bigger in the UK and probably in Europe, as it would be a real legit business, seeing as how it is on UK grounds. This small % could allow them to grow their business huge and take back #1

Yeah, the plan is for Gordon to take his X% but for that X% to be great value for the firms because it legitimises their business and allows them to grow by more than X% (helping Gordon and the UK taxpayer more as they grow) and remove their legislative risk across the whole EU.

Gordon removed taxes on the punter in exchange for a deal with the companies, seems good to me, another win win.

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