SEARCH NEWS:

 

Britain May Announce End of Betting Tax Tomorrow

"The devastation of foot and mouth disease will be temporarily cast aside by the industry when Chancellor Gordon Brown announces major changes that will revolutionise betting in this country.

"It is widely predicted that he will scrap the present system, allowing punters in Britain to place a bet without being taxed for the privilege.

". . . At present money comes into the Treasury's coffers from the 6.75% betting duty that bookmakers are charged - and which they pass on to punters in a 9% betting tax.

"The forecasters believe Brown is planning to replace that system and instead tax bookmakers on their gross profits.

"The only apparent uncertainty is over the percentage rate at which bookmakers will be charged.

"It will be good news for punters - and bookmakers - if the rate of Gross Profits Tax is set at 15%.

". . . The new system is designed to stem the loss in betting turnover to the off-shore market which has the considerable advantage of already being able to offer punters tax-free betting.

"The Government is looking to the major bookmakers to repatriate their offshore businesses.

"Leading bookmakers' representatives are convinced that turnover in Britain will increase by at least 50% if the changes are implemented. . . ."

< Gaming News