Online Gambling Tax Could be reduced in the UK

12 December 2012 – By Cristian Dragomir

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Following the recent developments on the online gambling market in the United Kingdom, where several companies decided to leave the country due to high taxes, the government might soon consider cutting down the online gambling tax level. In an effort to bring back the companies that left and to convince other companies to stay in the country, the officials declared that the current level of 15% in gambling taxes might be cut down to 10%. This would mean a huge amount of money being saved by online gambling companies. There are still unknown factors in this decision and there was no time target set, but such a drastic cut in taxes would save the companies almost 100 million pounds each year.

When this level of taxes was first introduced, seven years ago, many of the online gambling companies opposed the measure and stated this will determine an unfair advantage on the global market to foreign companies. Several of these companies took things a little further and left UK to settle in places with a much more relaxed taxing system, like the Isle of Man or Gibraltar, to name just a few. This measure is expected to bring back at least some of these companies and this would also limit the losses that have been estimated to over 2 billion pounds over the last seven years. There are surely other reasons why the British government is trying to bring back these companies, like: preventing underage gambling, problem gambling and improve security.

Another problem that is being discussed is that of whether people that gamble online should pay a tax and the answer seems to be yes. They are still unsure about how this will be done, but chances are that the system to be used is point of consumption taxation, while operators will be denied to enter the market unless they have a licence awarded by the UK Gambling Commission. There are surely some contestants of this tax cut and they argue based on social and fiscal reasons. They state that in other European countries, taxes are as high as 20%, while some countries have almost restricted access to online gambling.

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