UK Rumored to Be Considering Hike in Gambling Taxes
The new United Kingdom (UK) Labour government is rumored to be considering increases in taxes of more than £3 billion on the gambling industry, as the sector awaits a range of changes to gambling legislation in the region.
UK Labour government considers £3 billion tax on gambling companies.
LISTEN TO THIS ARTICLE:The UK government has previously stated it needs to find extra revenue estimated to be more than £20 billion, and details of where this money will come from are expected shortly as the government outlines its budgetary plans for the future. Gambling activity in the UK is seen by certain organizations, including the Institute for Public Policy Research (IPPR), as a suitable industry to significantly increase taxes.
The tax increases would be aimed at gambling activities such as online casino gaming. Details of the proposed tax described by the IPPR would be to increase the online gaming tax to 50%, up from 21% for online gaming operators and up from 15% to 30% for bookmakers. It is estimated this move would generate an extra £3 billion for the government coffers over the next four years.
The Betting and Gaming Council (BGC) recently revealed a report highlighting the scale of illegal gambling in the UK. It pointed out that some of the proposed changes and increased taxes on the UK gambling industry could negatively impact the gambling industry in the jurisdiction.
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The Labour Party now in government has received donations from Derek Webb, who has donated £1.3 million and is one of the largest donors to the party. He advocates for more stringent actions in the gambling sector including the outlined dramatic rises in taxes on the gambling industry. The BGC has expressed concern that this major donor to the Labour Party now has undue influence within the UK government and has an anti-gambling agenda.
Stakeholders representing the gambling industry are constantly making the argument they support changes to the betting industry in the region but urge that draconian measures applied to the gambling industry will have an adverse effect on the regulated markets and employment in the gambling sector in the UK.
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