General Betting
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I just missed the start of George talking about machines duty, but I think I grasped that bookmakers will pay 20% tax on gross machines profits, which will be up from the current 15%. Is that right?
Any hopes of a paltry pay rise within the next five or six years for shop staff have just been well and truly dashed then...
Any hopes of a paltry pay rise within the next five or six years for shop staff have just been well and truly dashed then...
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About time something good came out of the machines' profits though if it goes to fund schools, hospitals etc....
It is not that straightforward...
Firstly, the government is getting rid of AMLD (Amusement Machines Licence Duty), whish is approx £2500 per year per terminal, so there is a saving of £10k a year per shop.
Secondly, machines profits currently are part of the VAT system, which, as you can imagine is a playground for creative accountants, who took the government to some European court and won, claiming millions back.
So the government said FU to the bookmakers, who have been claiming back the VAT, giving relief to the shops where machines do not perform that well.
Firstly, the government is getting rid of AMLD (Amusement Machines Licence Duty), whish is approx £2500 per year per terminal, so there is a saving of £10k a year per shop.
Secondly, machines profits currently are part of the VAT system, which, as you can imagine is a playground for creative accountants, who took the government to some European court and won, claiming millions back.
So the government said FU to the bookmakers, who have been claiming back the VAT, giving relief to the shops where machines do not perform that well.
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