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BROWN MAKES IT OFFICIAL
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British bookmakers are celebrating Chancellor Gordon Brown's budget
announcement today, which includes plans for scrapping betting duty.
Punters currently pay a 6.75 tax on each bet placed with a British betting
establishment, a costly policy that has induced many bookmakers to head
offshore where they can offer punters tax-free betting. Today's announced
policy change, however, will replace betting duty with a 15 percent company
tax on bookmakers' gross profits. The Treasury expects the policy to be in
place by January 2002.
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British bookmakers are celebrating Chancellor Gordon Brown's budget
announcement today, which includes plans for scrapping betting duty.
Punters currently pay a 6.75 tax on each bet placed with a British betting
establishment, a costly policy that has induced many bookmakers to head
offshore where they can offer punters tax-free betting. Today's announced
policy change, however, will replace betting duty with a 15 percent company
tax on bookmakers' gross profits. The Treasury expects the policy to be in
place by January 2002.