Offshore sportsbetting outfits will soon need to pony up UK taxes to keep 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. 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 who continue steadily to try to dodge paying taxes on their earnings obtained from British customers could face up to seven years imprisonment and fines that are unlimited.
Many UK Bookmakers Operate from Abroad
Some for the British’s many popular bookmaking businesses have found their online operations outside of great britain in order to take advantage of lower tax rates, including William Hill, Ladbrokes and Coral, all of which benefit from huge popularity among UK punters.
Now, beginning in December 2014, bookmakers who take wagers from British-based customers either by telephone or online will likely be liable to tax bills in the profits, with no consideration of where in the world their operations are observed.
Estimates from the Gambling Commission value great britain remote gambling market at more than £2 billion yearly, and treasury officials claim that the UK is placed to gain around £300 million worth of ta “Overseas firms that are sportsbetting Pay £300 Million in Taxes for British Play” の続きを読む