blonde poker forum

Looks like a gambling tax is going to be introuced in the next few years. This looks like it will pretty much make it impossible to make a living from betting :(

It's a corporation-based tax on currently offshore-based bookmakers so that they can't dodge tax anymore. If I'm interpreting it correctly, bookmakers will now get taxed on each bet they lay, at point of consumption, depending on the location of the bettor, so the tax is not being levied upon the consumer (directly anyway).

Serious?

To be honest I have not read up on it. Just had several text messages implying it was going to be similar to the old 10% tax

You think they aren't going to pass it on somehow?

Probably

As I understand it, it will not be levied on UK based betting mediums.

Possibly? Who knows though, they may not be able to afford to in competition terms if fellow bookmakers don't also start slashing prices.

The new tax is certainly not as disastrous as a 10% point of consumption tax on the bettors would be though.


Are you saying that UK-based betting companies will be free from tax? That cannot possibly be correct surely

Is there a fruit machine tax in there or I did I misread.

20%, up from 17%ish, again its the operators (I think) that get it not the punter.

Yes

New duty on gaming machines at a standard rate of 20% and a lower rate for low-prize machines of 5% of net takings.

Did they specify what a low-prize machine constituted at all?

they will do yes in the red book. I haven't looked, it will be in the long form documents

Its on the operator (to be paid alongside quarterly VAT by filling in a form)

Announced in the annual budget report by the Chancellor, the UK will broaden the reach of its gambling taxation to include remote gambling operators.

Operators anywhere in the world will be required to pay gambling duties on gross profits generated from customers based in the UK. This “point of consumption” means operators will not longer benefit from moving their operations offshore to escape gambling taxation for online operators.

more at http://pokerfuse.com/news/law-and-regulation/uk-confirms-plan-tax-remote-gambling-operators/

Tax is on gross income I think - so pretty simple; individual players don't matter.

UK companies already pay plenty of tax, they just pay it based on gross profits.
Couldn't think of anything worse as a punter than going back to paying the tax up front

They have been planning this for ages

http://www.culture.gov.uk/reference_library/media_releases/6562.aspx

http://www.guardian.co.uk/uk/2011/jul/10/online-gambling-licences-full-tilt-poker

http://www.dailymail.co.uk/news/article-1347027/Crackdown-foreign-internet-gambling-operators-amid-addiction-fears.html

They just need to find the parliamentary timeslot.  All Osborne has done is include the figures in his future forecasts, so he can let rich bstrds off with their tax.

I just do not understand some of what has happened in this years budget. It's definitely not as bad as everyone is making out, but it has no great effect on me that's for sure, so glad about that.

Also ecstatic at the tax increase on fags. £7.50 for fags, who on earth can afford to smoke now?!

I don't really think this will affect punters at all.  It is just designed to stop those firms avoiding the gross profits tax by perting offshore as far as I can see.  Victor Chandler and Stan James would be the most heavily affected as far as I can see but also Hills and Ladbrokes on the business they have in Gibraltar.

Big deal for Coral isn't it? They've spent millions to move their operation to Gibraltar ready to launch later this year.

In terms of the cap-ex of that yes but most of their profits come from UK which aren't going to be affected......well the new duty on machines will affect them hugely but not from a betting perspective per se it just means they can't benefit from a move as such.