I heard a Tale of betting Tax

[Alpha322]

Has the wrectched betting tax returned, i heard something on Racing UK that the goverment was going to make an anouncement today 04/03/16 about some decission, will that affect us here aswell as 5% commision is there a tax to on all bets makes you want to down tools and just sit and do nothing

[kerberus]

"faced with a tax of up to 60% on their profits" (Guardian.com)
Commenting on the premium charge (an' y'all thought it was that nasty taxman)

Good Morning!

Simple solution PC ------>>>> Taxman

Fake profile creators face prosecution
Now I'm gonna get arrested 'cos I'm really a cute wee pussycat. We can all meet at last! (if we get the same jail -they do let you choose don't they?) - Any recommendations chaps/chapesses?

[hgodden]

viewtopic.php?f=5&t=11509

BBC Parliament at 9-30 this morning might make interesting viewing

[Euler]

Live Parliament questions, #18 is the one you are looking for: -

http://parliamentlive.tv/Event/Index/34 ... 1d90d9c489

[hgodden]

Guess we're going to have to wait a bit for the detail...

Surely the people behind this must know that any tax on individual bets or turnover would just discourage people from betting on racing in an industry where other sports are already overtaking racing anyway as attractive betting propositions for people?

[aperson]

That didn't really tell us much. I'm slightly worried by this but not really sure if I/we need to be. Almost everything I've read/heard on the subject seems to indicate some kind of tax on Bookmakers profits. There doesn't seem to be any talk of making it a per bet tax which would obviously be a huge issue.

Betfair also already have ABP status which is based on revenues not on individual bets, so it seems the BHA are happy with this arrangement.

How does the current levy system work for conventional bookies? Is that on a per bet basis or based on total revenues?

I understand that there is a risk from this change but are people on here just being pessimistic or am I missing something?

[Euler]

I understand that there is a risk from this change but are people on here just being pessimistic or am I missing something?

I don't think people are being pessimistic, we are just taking an active interest. I think your points are perfectly fair.

[kerberus]

Just agree to be taxed at the Google Rate. Less than 1% doesn't bother me.

[andyfuller]

I understand that there is a risk from this change but are people on here just being pessimistic or am I missing something?

I didn't see what was said this morning but I don't see this as being an issue for people on this forum to worry about from a personal point of view. I can not see the industry or the government going back to a taxation system on individual bets. It would be utter madness to do so as it would based on historical data lead to a reduction in taxation and funding for the industry.

The government and the industry benefited and continue to do so from the taxation model of it being on bookmakers profits. So to go back to the old system would make no sense for any party.

What has changed since the above steps were taken by the government is technology. It was at first the reduction in costs of making offshore phone calls and then the widespread arrival of the internet.

The legislation, as is always the case, has not kept pace with the technological changes. Not just in regard to betting but to almost all industries. So I am expecting a change in regard to how the taxation and levy work with regards to the technological changes but I really see nothing for people to worry about with regards to their trading/betting activities.

So in my view, yes people are being pessimistic about this from a personal view point which is what I would suspect people are coming at it from. From a racing industry view point I see it as a positive.

Fake profile creators face prosecution
Now I'm gonna get arrested 'cos I'm really a cute wee pussycat. We can all meet at last! (if we get the same jail -they do let you choose don't they?) - Any recommendations chaps/chapesses?

Could you give some context to this post? Have you seen something about Betfair now prosecuting people? As that would be an interesting twist in the PC story.

[LeTiss]

The horse racing industry is potentially heading for a major pitfall, just like the Greyhound industry has

It's Ok targeting offshore companies, but what the racing industry are refusing to accept or understand, is that the birth of internet betting has seen the birth of a different type of punter, with different types of betting habits

Young people don't frequent betting shops like our generation did when we were teenagers. As a result, they are not exposed to the traditional Horses/Dogs race by race betting. They are betting on Sports, predominately football and this has utterly destroyed the dog industry and eventually will horses too

The Levy board needs to accept that 25% of British racecourses are unsustainable, and there needs to be more meetings at the bigger and more commercially viable tracks

They can change laws on taxation as much as they like, but they can't change technology - the future of courses like Cartmel and Market Rasen is totally grim. The dog tracks became goldmines to the owners, but only when sold to property developers! Just imagine how much Cartmel racecourse would be if sold for housing - Millions!......way more than it will ever be worth as a quaint racetrack with half a dozen meetings each year

[andyfuller]

Here is a good example in the news yesterday about how legislation to collect 'tax' has not kept up with the technological advances and the need for new/different laws to ensure that the falling 'tax' revenue is reversed to help to continue to fund the 'business':

Watching BBC iPlayer on catch-up to require a TV licence 'soon'

http://www.moneysavingexpert.com/news/f ... 03/iplayer

[tiha_patnja]

How will it affect people from outside UK? Do you have 5% tax on your land betting shops already?

[kerberus]

The Fake Profilers issue is actually in the social media arena - twitter/facebook - cyberstalking/bullying. This forum isn't IMHO part of that category. The guvvingment is not that bright when it comes to IT. I am not a three headed duggg. The use of an alternative ID is simply a protective device etc etc. Euler's identity you can search on "BBC The most beautiful equation is... Euler's identity " http://www.bbc.co.uk/earth/story/201601 ... s-identity
Dallas is not responsible for JFK. Crazyskier probably skis not sure abt crazy CS - please inform us as to whether you prefer Mr Skier or Crazy.
Sorting out the betting tax seems reasonable - if it were in the hands of reasonable people. How many of them are there in parliament? This (Tax) is gonna be fast tracked thru' parliament - oh dear! No doubt they will get advice from (industry) experts in gambling. The Gambling industry like 10 punters with £10 each walking thru' the door and leaving with a few crumbs in their pockets if the are "lucky".

They do not like traders.

Expect little mercy.

Betting tax abolished
Punters will no longer be taxed for having a bet after today's Budget brought in sweeping changes to the betting duty system.
"The Chancellor's action was designed to stem the loss in betting turnover to the offshore market which already offers punters tax-free betting."
"Chancellor Gordon Brown announced that bookmakers would be taxed on their gross profits"
Daily Mail ah the good old days!

[Crazyskier]

Crazyskier probably skis not sure abt crazy CS - please inform us as to whether you prefer Mr Skier or Crazy.

I do ski, and it is indeed myself in my profile shot. As regards address, 'Skier' is infinitely preferable to 'crazy' LOL.

[kerberus]

OK Skier. Just feed me scoobysnacks.