TaxPersonal TaxTax-free betting brought forward

Tax-free betting brought forward

Tax-free betting will now start on 6 October, rather than 1 January next year as had been previously announced.

‘Rapid progress’ made by bookmakers and Customs & Excise is responsible for the early start date, according to the government.

Chancellor Gordon Brown said in his March Budget that he would scrap the unpopular duty in an attempt to stem the flow of bookies moving offshore.

Bookmakers will instead be taxed on their gross profits at 15% meaning punters will no longer pay 9% tax.

Financial secretary to the Treasury Paul Boateng, said: ‘The old tax on punters has been in place almost unchanged since 1966, but we realised it was not going to work in the 21st century and would result in UK-based bookmakers losing out on the global betting market.’

The day has been picked to coincide with England’s World Cup qualifier against old rivals Germany and the Prix de L’Arc de Triomphe at Longchamp – one of the highlights of the racing calendar.

Links

Treasury softens over new betting rules

Bets finally off on gaming tax

Related Articles

Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

Personal Tax Inheritance tax is 'unfit for modern society' and should be abolished, says think tank

3w Alia Shoaib, Reporter
Rent-a-room relief – the survey says…

Personal Tax Rent-a-room relief – the survey says…

2m Helen Thornley, ATT Technical Officer
What should the OTS prioritise in its review of inheritance tax?

Personal Tax What should the OTS prioritise in its review of inheritance tax?

4m Alia Shoaib, Reporter
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

9m Alia Shoaib, Reporter