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UK to raise tax on offshore gambling

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7 years ago

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UK to raise tax on offshore gambling
Photo Source: lonelyplanet.com
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UK could soon increase the taxes on offshore gambling firms.

Philip Hammond, the Chancellor of the Exchequer, is considering a hike on taxes on offshore gambling firms in his bid to raise approximately €1.13 billion. All overseas companies that operate online casino types of games in the UK will have to pay the higher tax.

A tax hike of 10 per cent – from 15 to 25 per cent – is likely to be included in the next budget. This is ostensibly to compensate for the losses caused by the crackdown on fixed odds betting terminals (FOBTs), where has been reduced from £100 to £2.

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