Overseas firms that are sportsbetting Pay £300 Million in Taxes for British Play

Overseas firms that are sportsbetting Pay £300 Million in Taxes for British Play

Offshore sportsbetting outfits will soon need to pony up UK taxes to remain in business with British punters

The country is closing a loophole which has been enabling big bookies to dodge paying tax in Great Britain in a move to protect the UK ‘s racing industry. Each year as a result, gambling firms that operate offshore from tax havens, but take bets from British-based punters, could see themselves hit with a combined £300 million ($470 million) tax bill. Those who continue steadily to try to dodge spending taxes on their earnings obtained from British customers could confront seven years imprisonment and unlimited fines.

Many UK Bookmakers Operate from Abroad

Some associated with UK’s most popular bookmaking businesses have positioned their online operations outside of great britain merely to take advantage of lower tax prices, including William Hill, Ladbrokes and Coral, all of which reap the benefits of huge popularity among UK punters.

Now, beginning in December 2014, bookmakers who take wagers from British-based customers either by telephone or on the web are going to be liable to tax bills on the earnings, with no consideration of where within the globe their operations can be found.

Estimates from the Gambling Commission value the united kingdom remote gambling market at more than £2 billion annually, and treasury officials claim that the UK is set to gain around £3 […]