Gambling News:

Point of Consupmtion tax delayed until November

Point of Consupmtion tax delayed until November

The tax was scheduled to be introduced on 1st October, but because of the The Gibraltar Betting and Gaming Association (GBGA) appeal it will be delayed from turning into a law until at least start of November.

Under the new law, the tax will apply to profits generated by gambling companies from any 'UK person which under the bill is defined as 'an individuals who usually lives in the United Kingdom, or a body corporate which is legally constituted in the United Kingdom'.

The new law hits UK-facing online betting companies based in offshore havens , including industry’s largest players based in Gibraltar: Ladbrokes, or William Hill .The new 15% duty rates are expected to be levied from 1 December 2014. Under the current UK law, the duty is levied on a point of supply basis.

Banner 250x250