Offshore sportsbetting outfits will have to pony soon up UK taxes to remain in business with British punters
In a go on to protect the British 's racing industry, the united states is closing a loophole which has been enabling big bookies to dodge paying tax in the uk. As a result, gambling firms that run offshore from tax havens, but simply take bets from British-based punters, could see themselves hit with a combined £300 million ($470 million) tax bill each year. Those who continue to try to dodge spending fees on their earnings obtained from British customers could confront seven years imprisonment and fines that are unlimited.
Many UK Bookmakers Operate from Abroad
Some associated with British's many popular bookmaking businesses have found their online operations outside of the united kingdom simply to reap the benefits of reduced tax rates, including William Hill, Ladbrokes and Coral, all of which benefit from huge popularity among UK punters.
Now, starting 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 profits, with no consideration of where in the world their operations can be found.
Estimates from the Gambling Commission value the UK gambling that is remote at more than £2 billion yearly, and treasury officials claim that the UK is scheduled to gain around £300 mill