Betting tax reform plans

Betting tax reform plans

The government has announced plans to reform betting tax, following consultation after the last budget.

In the pre-budget report, the government said it believed there was ‘scope to modernise the way betting is taxed in the UK that would provide the right competitive environment for the UK betting industry to thrive, both domestically and internationally.’

The government wants the industry to take advantage of e-commerce opportunities while protecting the long-term revenues from betting duty and giving punters a better deal.

It indicated a preference for the ‘gross profits tax‘ reform outlined in a consultative document ‘Our Stake in the Future’.

This would abolish the turnover-based duty on stakes replacing it with a duty on the bookmakers’ gross profit.

Further discussions will be held with the bookies, and an announcement will be made in Budget 2001.

The bookmaking industry has been lobbying the government for changes as pressure from offshore online betting services has increased.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource