If I am right, the current UK betting legislation became quit loose in 2001 under Labour, with the direct levy on turnover for customers, replaced by a tax on betting companies operating income. Currently it seems the Conservatives are winning in the polls. Besides that, it can be expected that the supervision on financial markets will become more strict the coming years, due to the current crisis in the financial markets.
Does someone have any expectation about the chances of putting the original levy system back in place by the Conservatives?
Regards,
Willem
Labour vs Conservatives
Hi Willem
My own personal opinion is that the betting duty will not be coming back in the near term because the current system is so successful. Betting (all sports and now non sporting events such as X Factor) turnover has increased substantially year on year since 2001. Bookies, treasury, punters and traders have all benefitted from the current system and it is easy to manage.
Clearly, the bookies want to minimise the tax paid and take steps to do so, however, they are also aware that due to legislation the UK is the world leader in the bookmaking and gambling industry.
If you want to be totally sure then Gibraltar or another tax haven is your best bet but I think you'll be safe in the UK.
My own personal opinion is that the betting duty will not be coming back in the near term because the current system is so successful. Betting (all sports and now non sporting events such as X Factor) turnover has increased substantially year on year since 2001. Bookies, treasury, punters and traders have all benefitted from the current system and it is easy to manage.
Clearly, the bookies want to minimise the tax paid and take steps to do so, however, they are also aware that due to legislation the UK is the world leader in the bookmaking and gambling industry.
If you want to be totally sure then Gibraltar or another tax haven is your best bet but I think you'll be safe in the UK.