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Gambling Taxes

The UK government has been saying that they want to encourage online gaming companies to embrace their shores, and that they would be reducing the tax that it would take for them to get licenses in the country. They know that the amount of taxes that these online gambling companies could bring in to the country could be astronomical, and they want a piece of the pie.

However, it looks as though they are going to have to wait a little longer to get that revenue. In a move that surprised everyone, the UK came out with the announcement that the taxes on online gaming companies would actually be 15% for the remote gaming duty. This is much higher than the 2 or 3% that they kept touting they were looking at charging. With this amount it seems unlikely that any operators would apply for the UK license when most of them are already getting many tax breaks in Gibraltar.

Those operators that are already in the UK will need to start looking at their online gaming equipment and see how they might avoid paying such a high tax. The larger casino operators are also getting taxed much heavier due to the removal of the Gross Gaming Yield 2.5% band and an increase to a 50% rate. This will not encourage new growth at all in the country as casinos will be trying to avoid the additional taxes.

VAT will not be charged on the online casinos, unlike their land based counterparts. However, slot machines will be allowed to offer £35 jackpots, up from the previous limit of £25.

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