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New UK Gambling Bill Passes Second Reading

New UK Gambling Bill Passes Second Reading

Earlier this month the second reading of legislation that will force all online gambling operators with UK customers to be granted secondary licensing and pay taxes in Britain passed with very few problems.

New UK Gambling Bill Passes Second Reading

The Bill will force all gambling operators with UK customers to pay taxes regardless of where the operator is based.

The Gambling (Licensing & Advertising) Bill has support from all parties and looks as if it will be implemented by December 2014. The discussions during the second reading did mention the possibility of a lower taxation rate, however, it mainly highlighted that most politicians do not have a good knowledge of the industry or online gambling.

The legislation ensures that all gambling operators will be taxed on their profits from UK customers. At present operators can avoid UK taxes by basing themselves offshore, the new rules are designed to bring in more revenue through taxation, but also to ensure a fair playing field for all operators.

The UK’s Gambling Commission believes that UK remote gambling is worth over £2 billion per year. It is thought that an additional £300 million per year in tax revenues will be brought in once the new rules are implemented.

Sajid Javid, the Economic Secretary to the Treasury said, “It is unacceptable that gambling companies can avoid UK taxes by moving offshore, and the government is taking decisive action to ensure this can no longer happen in the future.”

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Raised close to London’s financial district, Ben has always found the world of business and money fascinating. While completing a degree in business studies Ben started writing for his university newspaper and hasn’t stopped since. Over the last decade Ben has gathered a wealth of experience writing about business and the financial markets and he is pleased to be able to share it with you here.

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