The UK government has confirmed that it had approved the proposed amendments in Gambling duties. These amendments will be part of the country’s 2016 budget including the gross gaming yield generated by UK-licenced casino operations.
Currently, gambling operators conform to the gaming duty bands set in the France Act 2015. At present, tax rates stand between 15% and 50%. Fundamentally, on the first £2.3 million of the gross gaming yield the operators generate, they pay a 15% tax. Then, the tax paid increases to 20% for the next £1.6 million, 30% for the next £2.8 million, 40% for the next £5.6 million and then 50% for gross gaming yield of more than £5.6 million.
No further information was provided by the UK government with regards to the increase in tax rates on the current Gaming Duty bands. Details will be announced out in the upcoming Finance Bill 2016.
When paying their duty, all casino operators will be expected to submit two return forms. The first form is an interim return form, which will be submitted by the end of the first three months of the accounting period. The second form which is a full return will be submitted after six months, which is the end of the accounting period.
The UK government also announced on Wednesday that certain reforms will be implemented, this includes the country’s gambling regulations for the British horseracing industries.
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