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MahoganyVic
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« on: March 21, 2012, 02:09:05 PM » |
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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  |
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adnmdv
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« Reply #1 on: March 21, 2012, 02:09:52 PM » |
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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).
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MahoganyVic
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« Reply #2 on: March 21, 2012, 02:11:03 PM » |
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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
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EvilPie
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« Reply #3 on: March 21, 2012, 02:11:33 PM » |
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It's a corporation-based tax on currently offshore-based bookmakers so that they can't dodge tax anymore. It's not on the consumers.
You think they aren't going to pass it on somehow? |
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Motivational speeches at their best:
"Because thats what living is, the 6 inches in front of your face......" - Patrick Leonard - 10th May 2015
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TightEnd
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« Reply #4 on: March 21, 2012, 02:12:56 PM » |
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It's a corporation-based tax on currently offshore-based bookmakers so that they can't dodge tax anymore. It's not on the consumers.
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. |
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
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adnmdv
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« Reply #5 on: March 21, 2012, 02:13:20 PM » |
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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. As I understand it, it will not be levied on UK based betting mediums. Are you saying that UK-based betting companies will be free from tax? That cannot possibly be correct surely |
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StuartHopkin
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« Reply #6 on: March 21, 2012, 02:14:51 PM » |
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Is there a fruit machine tax in there or I did I misread.
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DaveShoelace
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« Reply #7 on: March 21, 2012, 02:15:59 PM » |
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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. |
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TightEnd
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« Reply #8 on: March 21, 2012, 02:16:45 PM » |
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Is there a fruit machine tax in there or I did I misread.
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. |
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
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DaveShoelace
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« Reply #9 on: March 21, 2012, 02:18:25 PM » |
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Is there a fruit machine tax in there or I did I misread.
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? |
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TightEnd
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« Reply #10 on: March 21, 2012, 02:20:21 PM » |
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Is there a fruit machine tax in there or I did I misread.
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) |
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
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TightEnd
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« Reply #11 on: March 21, 2012, 02:21:56 PM » |
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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/ |
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My eyes are open wide
By the way,I made it through the day
I watch the world outside
By the way, I'm leaving out today
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Jon MW
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« Reply #12 on: March 21, 2012, 02:47:47 PM » |
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Are the government including Poker in their list of gambling games up for taxation?
If not then ignore the following questions:
If so, how can they seriously police/extract data on exactly how much each individual player wins from each cash game pot etc?
I take it the onus would be on Poker operators to find a way of doing so - at risk of losing their ability to accept UK customers?
Tax is on gross income I think - so pretty simple; individual players don't matter. |
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Jon "the British cowboy" Woodfield
2011 blonde MTT League August Champion
2011 UK Team Championships: Black Belt Poker Team Captain - - runners up - -
5 Star HORSE Classic - 2007 Razz Champion
2007 WSOP Razz - 13/341
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vegaslover
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« Reply #13 on: March 21, 2012, 06:10:39 PM » |
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As I understand it, it will not be levied on UK based betting mediums. Are you saying that UK-based betting companies will be free from tax? That cannot possibly be correct surely 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 |
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doubleup
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« Reply #14 on: March 21, 2012, 06:18:27 PM » |
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