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Offshore gaming companies to pay up to £300 million in taxes

Offshore gaming companies to pay up to 300 million in taxes

Gambling companies that are operating under foreign jurisdiction will have to face payment of up to £300 million in taxes for the money they take from British gamblers. According to the UK Treasury, regardless of where in the world the company is located, if they accept money from UK customers they will be taxed. Those attempting to avoid payment or flat out refusing to pay this tax, will face up to 7 years in jail with unlimited financial fines.

Brick and mortar gambling companies like William Hill, Ladbrokes and Coral conduct their online business from abroad in tax-heavens like Gibraltar. But starting 2014, any of these companies that also accept bets from British punters will have to pay taxes as indicated above. This tax will come in the form of gaming duty, general betting duty or pool betting duty, all of which are currently taxed at 15%.