Online Casino Transfer: News - Good for Gambling, Bad for Alcohol & Tobacco

04/12/2010		Online Casino Style: News Good for Gambling, Bad for Alcohol & Tobacco
Home History Games News Dictionary		For once, the surprise that comes with the updated United Kingdom’s budget this week is in favor of the online gambling industry, as the Chancellor of the Exchequer, Alistair Darling announced this week that the new financial outline will actually include a drop in the tax against internet casinos. According to the Chancellor, the bingo duty will actually see a reduction of 2 percent, down to 20 percent, an unprecedented change in this time of tax hikes. The money has to come from somewhere, however, as both the alcohol and the tobacco industries will soon lament, as the two markets were hit far more hard by the budget updates than nearly any other market. The changes to the online gambling industry, however, can’t come soon enough, as the end of March will mark the beginning of the new, lesser levy rate for bingo groups. Though bingo will see a drop, it’s among the few, as many of the other sub-categories in the online gambling world will see appropriate increases, perfectly in line with inflation rates. Gaming duty bands are mostly paid through the Amusement Machine License Duty tax. The latest rates are much more mild than some industry experts were anticipating, though it comes just before a general election, with politicians no doubt keeping their jobs in sight as they made the tax hike increases. The issue surrounding the white-listed offshore internet casino companies that are able to advertise in the United Kingdom without paying the taxes has yet to be resolved. Currently, a number of recommendations on the white-listing issue are being considered, though the Department of Culture, Media, and Sport has yet to make a final call on the topic, well aware of the potential losses that either decision would entail. They have commissioned a number of initiatives to try to find a compromise, though both offshore and domestic companies continue to stick to their guns. The next few months will play a big part in determining the outcome of the argument.

04/12/2010

Online Casino Style: News
Good for Gambling, Bad for Alcohol & Tobacco

For once, the surprise that comes with the updated United Kingdom’s budget this week is in favor of the online gambling industry, as the Chancellor of the Exchequer, Alistair Darling announced this week that the new financial outline will actually include a drop in the tax against internet casinos. According to the Chancellor, the bingo duty will actually see a reduction of 2 percent, down to 20 percent, an unprecedented change in this time of tax hikes.

The money has to come from somewhere, however, as both the alcohol and the tobacco industries will soon lament, as the two markets were hit far more hard by the budget updates than nearly any other market. The changes to the online gambling industry, however, can’t come soon enough, as the end of March will mark the beginning of the new, lesser levy rate for bingo groups. Though bingo will see a drop, it’s among the few, as many of the other sub-categories in the online gambling world will see appropriate increases, perfectly in line with inflation rates.

Gaming duty bands are mostly paid through the Amusement Machine License Duty tax. The latest rates are much more mild than some industry experts were anticipating, though it comes just before a general election, with politicians no doubt keeping their jobs in sight as they made the tax hike increases. The issue surrounding the white-listed offshore internet casino companies that are able to advertise in the United Kingdom without paying the taxes has yet to be resolved.

Currently, a number of recommendations on the white-listing issue are being considered, though the Department of Culture, Media, and Sport has yet to make a final call on the topic, well aware of the potential losses that either decision would entail. They have commissioned a number of initiatives to try to find a compromise, though both offshore and domestic companies continue to stick to their guns. The next few months will play a big part in determining the outcome of the argument.