UK Government to Tax Exchanges
By philip
The Observer newspaper has discovered that the UK government intends to significantly increase duty on betting exchanges. The revelation came from an ‘unnamed official’ the newspaper said. A national audit report stated that last year exchanges paid 7.3 million pounds ($13.6 million) in taxes on a handle of 2.67 billion pounds, while traditional bookmakers paid a much higher percentage of 376 million pounds of duty on bets worth 30 billion pounds, a much higher percentage.

A recent report by the National Audit Office also warned that more duty needed to be extracted from remote gaming operations: 'The gambling industry's use of electronic technology to develop new forms of gambling poses new risks to revenue,' the NAO said. ”Betting exchanges, interactive TV gambling, mobile phone gambling, spread betting and internet gaming have all emerged in recent years. Customs will require more IT expertise to carry out compliance work on these activities.'

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