UK Gaming Tax Bill Makes It to the House of Lords
Back in November, the UK Gaming (Licensing and Advertising) Bill had a Third Reading in the House of Commons and was advanced to the House of Lords. On Tuesday, the House of Lords began a line-by-line examination of the bill, which is expected to pass and be implemented before the end of the year.
According to iGamingBuisness, the legislation provides that all online gambling firms operating in the UK pay a point of consumption tax – which currently stands at 15% of gross gaming revenue – and that all online gaming companies hold a UK Gambling Commission license. That would alter the current system where foreign companies are regulated by their respective jurisdiction.
To put it another way, this new bill would allow the UK to tax these non-UK based companies. In addition, those companies would be required to inform the UK Gambling Commission of any “suspicious betting behaviour that involves UK customers.”
For more information please visit iGamingBusiness.
*Lead photo courtesy of csmonitor.com.