Legislation

Gambling taxes reports no increases in the UK

Thursday 31 de October 2024 / 12:00

www.gbc.gi

⏱ 1 min read

(London).-The UK's Autumn Budget for 2024 has confirmed that there will be no increases to gambling taxes.

Gambling taxes reports no increases in the UK

Chancellor Rachel Reeves today delivered the first budget of this Labour Government since being elected this year.There will be no increases to UK gambling taxes as a result of this years budget in the UK.

Instead of an increase on taxes, the UK governments plan to consult on reforming the online gambling tax structure sometime next year. Any changes will then likely take several years.

According to Trade and Industry Minister Nigel Feetham, Gambling operator share prices are this afternoon rebounding, recovering much of the value lost over budget speculation that betting duty could double. He says this is an excellent outcome and a significant win for Gibraltar’s online gaming firms, which contribute substantially to our economy.

There were proposals from think tanks to increase taxes on the gambling sector, but these were not included in the final budget. Instead, the government will focus on other areas for raising revenue, such as imposing new taxes on private jet flights and vaping products.

Categoría:Legislation

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País: United Kingdom

Región: EMEA