According to the reports, the government of the United Kingdom is about to publish a legislation of country’s online gambling industry, so that they can address any possible tax changes in between online gaming and fixed off general betting.
The new law will remove the current one and this means the tax rates for the online gaming companies and land based bookmaking shops would be the same.
The UK’s Revenue and Customs department said that the bill will remove any imbalances in between two industries such as online gaming and online betting shops and hence the companies will pay taxes on a same way.
International Law firms based in London are saying that the decision is fair enough, and now the “government is levelling the field for everyone”.
Everyone knows that online gaming companies of the country did well in previous years and they were all good in terms of tax payment as well, but now after this bill/legislation they the field would be the same for every company dealing in betting or gaming.
According to the UK Tax and accounting services the online poker gaming or internet poker gaming in the United Kingdom comes under UK’s remote gambling tax, whereas games like horse racing or dog racing comes under subject to general betting tax.
Till date, there is no tax applied on free play games like free casino or free bingo bonuses for internet gaming companies, but they are included in offline betting companies under general betting taxation. It means from August 2017, the free play games available n the internet in the United Kingdom will have taxable values.
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