Bookees bet on moving offshore as Budget disappoints
Tentative bookmakers awaiting a cut in betting duty were disappointed by yesterday's Budget.
General betting duty will stay at a rate of 6.75%, insteadof the hoped-for cut to 5%.
Despite more and more UK bookmakers moving offshore, the Treasury said yesterdaythat the migration had had little impact on the general betting duty yield.
Customs collected £462 million in betting revenue in 1997/98, which increased to£480 million in 1998/99, according to the Budget report.
But, Simon Powell, FD at British Horseracing Board told AccountancyAge.com that the6.75% rate was reducing the government’s revenue. However, his greatest concernwas that the industry would soon be unable to compete.
Powell recently commented:’The government should now do the right thing to stop thisexodus of bookmakers and reduce gambling duty to 5%.’
On a sunnier note, seaside town arcades may soon see a boom in their profits.The chancellor today announced that he is abolishing duty on certain types ofslot machines and jackpot machines.
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