Offshore sportsbetting outfits will have to pony soon up UK taxes to remain in business with British punters
In a relocate to protect the British ‘s racing industry, the nation is closing a loophole which has been enabling big bookies to dodge paying tax in Great Britain. 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. Those that continue to try to dodge having to pay fees on their profits obtained from Uk clients could confront seven years imprisonment and fines that are unlimited.
Many UK Bookmakers Operate from Abroad
Some regarding the UK’s many popular bookmaking companies have positioned their online operations outside of great britain in order to benefit from lower tax rates, including William Hill, Ladbrokes and Coral, all of which benefit from 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 on the profits, with no consideration of where within the world their operations are located.
Estimates from the Gambling Commission value the UK remote gambling market at more than £2 billion annually, and treasury officials claim that the UK is placed to gain around £300 million worth of tax r […]