Good causes could be in line for £50m boost if the Treasury forges ahead with
plans to change the way lottery funds are taxed.
The FT reports that under the current system 12% of lottery takings
go to the Treasury and are paid out as a proportion of total sales.
The government is now thinking about moving to the gross profits system, used
in other parts of the leisure industry, where taxation determined according to
the sum of money lottery payers stake less the sum paid out for prizes.
PricewaterhouseCoopers is leading a steering group on the matter, and has
issued a report saying that the current regime offers operators no incentive to
increase lottery sales.
PwC said that using a gross profits system of taxation will incentivise
operators to increase sales, which will in turn boost tax takings and amounts
paid to charities.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
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