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UK to raise tax on offshore gambling

Published

7 years ago

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UK to raise tax on offshore gambling
Photo Source: lonelyplanet.com
Reading Time: < 1 minute

 

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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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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