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UK Bookmakers Welcome Tax Review

UNITED KINGDOM – As reported by the UK Press Association: "Chancellor Gordon Brown's announcement of a review into the tax treatment of Internet betting exchanges and their clients was welcomed by traditional bookmakers today.

"The popularity of betting exchanges – at the centre of recent controversies in the world of horse racing – has soared in recent years, with around 250,000 British punters attracted by their simplicity and good prices.

"But traditional bookies complain they are not competing on a level playing field in terms of the way they are taxed.

"…Industry sources said the wording of Mr Brown's announcement – which referred to the clients as well as exchanges themselves – suggested it was the layers' tax position that will be examined most closely…"

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