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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Thursday 22nd March 2007

Brown's budget backstabs online betting

The chancellor has dashed the hopes of remote gaming firms looking to repatriate with his 2007 budget, in which he announced that Remote Gaming Duty would be set at the same tax rate as land-based bookies at 15 per cent.

Gordon Brown had earlier hinted that the government was willing to reduce taxation for internet companies based overseas to lure them back onto UK shores, with some of those in the know predicting that tax could be as low as two per cent.

With this unwelcome news, bookmaker Ladbrokes, which presently has remote gaming operations in Gibraltar, has already confirmed it will remain offshore.

Remote Gambling Association chairman, John Coates, explained: "Under this regime, with the additional VAT and corporation tax for most companies, it would be almost impossible for a UK-based operation to compete with offshore businesses, especially those located in other EU jurisdictions."

He added: "This decision means that the UK has effectively turned its back on the industry."

Source: Direct News

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