TaxCorporate TaxBetting tax reforms bring back bookies

Betting tax reforms bring back bookies

Reforms to betting tax have succeeded in bringing offshore internet and telephone bookies back to the UK, according to a consultative document issued by Customs & Excise.

Link: Good news for punters, tax-free betting arrives.

The biggest firms acted so quickly the government was able to switch to the new tax three months early, Customs said, while smaller online firms followed soon after or started up afresh in the UK.

Industry turnover has risen by 35% to 40% as a result of the reforms, the report claimed.

Consultations on any further necessary changes will end on 31 December 2002.

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