Offshore sportsbetting outfits will have to pony soon up UK taxes to keep in business with Uk punters
The country is closing a loophole which has been enabling big bookies to dodge paying tax in Great Britain in a move to protect the UK ‘s racing industry. Each year as a result, gambling firms that operate offshore from tax havens, but take bets from British-based punters, could see themselves hit with a combined £300 million ($470 million) tax bill. People who continue steadily to try to dodge paying fees on their profits obtained from British customers could face up to seven years imprisonment and fines that are unlimited.
Many UK Bookmakers Operate from Abroad
Some associated with UK’s most bookmaking that is popular have situated their online operations outside of the UK in order to benefit from reduced tax rates, including William Hill, Ladbrokes and Coral, all of which reap the benefits of huge popularity among UK punters.
Now, starting in December 2014, bookmakers who take wagers from British-based customers either by telephone or on line is going to be liable to tax bills in the earnings, with no consideration of where in the globe their operations can be found.
Estimates from the Gambling Commission value the united kingdom remote gambling market at more than £2 billion yearly, and treasury officials claim that the UK is scheduled to gain around £300 million worth of