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New UK gambling regulations
Things are about to change for one more time in the United Kingdom gambling market. As it seems, the government is willing to tax the free plays. This time the UK’s online gambling operators may soon have to pay a tax for them and not the players, as it was first planned. Previously, this thought was removed from the government’s Finance Bill 2017. As a result, they included a number of parts of legislation as part of the act. The main reason was that there was not enough time to discuss these matters, ahead of the UK general elections.
Could start from August the 1st
Now it looks like that the idea is a little bit more mature. Certain parts of the original legislation will be re-introduced when the UK Government returns after its annual summer break. The second debate of the Finance Bill 2017, which will be held within the next few months, will include a discussion about taxing the UK gambling operators for the free plays they offer to their players. If they finally included it in the Finance Bill 2017, the amended duty will be applied retroactively. This means that the UK-based online operators will be potentially liable to pay the RGD from August 1st. This is subject to MPs voting to approve the second version of the Finance Bill and to subsequently receive Royal Assent. This could be granted as early as late September or the start of October.
£345 million income
If this finally gets active, £345 million could be generated over the next four years from these taxes. For sure though there will be lots of changes in the way the gambling operators offer their free plays. Moreover, if the bookmakers will not comply with the new legislation, huge fines will be waiting for them.