Offshore sportsbetting outfits will soon need to pony up UK taxes to remain in business with British 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. Because of this, gambling businesses that run overseas from tax havens, but simply take bets from British-based punters, could see themselves hit with a combined £300 million ($470 million) tax bill each year. Those who continue 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 the British’s most bookmaking that is popular have located their online operations outside of great britain merely to reap the benefits of lower 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 online will be liable to tax bills on the profits, with no consideration of where in the globe their operations are found.
Estimates from the Gambling Commission value great britain remote gambling market at more than £2 billion annually, and treasury officials claim that the UK is placed to gain around £300 mil Read More