UK Government Confirms Amendments in Gambling Duties

UK Government Confirms Amendments in Gambling Duties

The UK government authorized on Wednesday the proposed upsurge in Gaming Duty bands on gross gaming yield produced by UK-licensed casino operators as part of the country’s 2016 budget.

The increase will be effective for accounting periods beginning on or after 1 april. Presently, operators comply with the bands set in the Finance Act 2015. Income tax prices at present stand at 15% to 50per cent. Essentially, operators pay a 15% tax on the initial £2.3 million of the gross video gaming yield they create. Then, the tax paid rises 20% for the&pound that is next million, 30% for he next £2.8 million, 40% for the&pound that is next million, and 50% for gross gaming yield of more than £5.6 million.

No information was provided on what much the current Gaming Duty bands will be increased. Comprehensive details is going to be set out in the future Finance Bill 2016.

Casino operators will likely be expected to submit two comes back when paying their responsibility. The very first, an interim return, will have to be submitted by the end associated with very first three months of the accounting period. The 2nd a complete return will have to be submitted by the end for the accounting duration, that will be typically a six-month one.

The united kingdom federal government also announced on Wednesday that one reforms are going to be implemented in the means ‘freeplays’ in the Remote Gaming Duty are going to be treated. Continue reading →