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Gambling tax previews

Gambling tax previews

The UK Treasury has published the highlights and the feedback to a consultation on the "point of consumption" gambling tax which is to run by the end of this year. The first regulation drafts were also published and a final draft will be presented right before the consultation process kicks off.

As the government seeks to apply a 15% tax on gross profits, the Treasury has taken into account the need for protecting player's funds that will be deposited on online gambling sites. Paragraph 23 of the consumption bill states that the UK Gambling Comission has the authority to decide how to handle player's funds. "The Commissioners may by notice make provision about gaming prize funds, (a) as to how such funds are to be held, (b) requiring information relating to such funds and (c) requiring such information to be provided to the Commissioners."

Player's location was another important matter in the bill as the Treasury refused any confusing forms of location verification. Instead, the Treasury will use the residential addressed provided by the player to the operator as a way to decide if the tax will be applied to the player's revenues.

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