UK Gambling tax changes 2017 announced
The Bookmakers operating in the UK, will pay taxes on the new calculation system in 2017. The UK Gambling tax changes has been recently announced by the UK Gambling Authority.
Taxes on the bookmakers will be calculated according to the proportional method, as to say based on each individual company index volume. The government has estimated the new system to help the tax burden reduce on gambling in the UK at 10%.
The taxes will decrease by 2 – 75% for smaller companies. At the same time large enterprises will have to pay up to 40% more. Moreover, leading UK gambling companies might also pay an annual fee in the amount of 164 thousand pounds (0.01 to 0.5% of gross gaming collection). Legal online bookmakers will receive a 25% discount the first year.
The new tax scheme is expected to start operating from April, 6 of 2017.