General Betting
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22 Apr 10
23:32
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27 Feb 03
1997 (i think) saw the tax abolished when placing bets with the high street bookmaker 7p or 9p in the pound.
does anyone know if conservatives would bring this back??
just interested.
cheers and good luck.
does anyone know if conservatives would bring this back??
just interested.
cheers and good luck.
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Replies: 12
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Haha, that would kill betting exchanges. No way a government would be that stupid. All that gambling revenue would find it's way offshore.
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ok cheers.
Wasn't sure if it was a conservative method of making money since it was labour who got rid of it. not a worry then. That's the end of that. |
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It was 9p the last few years of it , more annoying than the 10p when you were trying to work stakes out in a hurry
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Christ. Can't believe that anyone even had a bet in those days.
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well the bookies were packed :) , certainly can't believe anyone won though.
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Betting tax was abolished but the bookies got hit with a premium rate of Corporation Tax, a largely fiscal neutral switch. So you are still paying it except that it is reflected in the overround.
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Here is the way they do it currently. Its called betting duty. Not on profits but on commision etc. When introduced it was meant to gain more revenue than the betting tax after the first few years as the industry grew. Revenue from betting duty was on track to exceed betting tax a few years after betting tax was abolished.
So 9 years later, reverting to betting tax would hit the industry hard but also treasury revenues. Be madness for any party to abolish this. There is a similar bingo duty and lottery duty. http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageExcise_ShowContent&propertyType=document&id=HMCE_CL_000255#P406_40577 9.1 What is the duty charged on? General betting duty is due on any amount that a betting exchange charges to other parties who use its facilities to make bets, for example: * commission charges * administration fees * deductions from winnings, etc Betting exchanges are liable to general betting duty at 15%, on the charges they make in each accounting period in relation to bets that are determined in that period. |
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Thanks for bringing me up to speed with that brendanuk1. The last time I looked at that was when I was standing up to do a talk on the 1997 budget.
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The bookies had no idea how to price anything up was the flip side History Maker.
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Alex the old wrinkled retainer 23 Apr 07:24
Betting tax was abolished but the bookies got hit with a premium rate of Corporation Tax, a largely fiscal neutral switch. So you are still paying it except that it is reflected in the overround Overounds , particulary on Football, were a lot worse in the tax days . You would rarely see less than 112.5% on a match . |
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People seem to forget that bookies "paid" for the original 2½% betting tax
by changing the place odds from a THIRD/QUARTER to FIFTH/QUARTER. |
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The English Government need to tax bookies to the hilt.
It might make them bet up a bit, as they're a laughing stock at present. It makes me laugh when they say they'll come to Australia and show the bookies a thing or two. They wouldn't last 5 minutes here. |