Jeremy Hunt, the chancellor of the exchequer, has announced that the government will soon be seeking public input on the consolidation of remote gambling taxes. Currently, there are three separate tax structures in place for remote gambling, but Hunt aims to streamline them into a singular tax framework. This announcement was made during the Autumn Statement, a government document that presents economic forecasts and proposals regarding taxation and spending.
Under Hunt's plan, the government will initiate consultations in the near future to gather opinions and suggestions on altering the existing remote gambling tax structure. Remote gambling, as defined by the proposal, encompasses gambling activities conducted over the internet, telephone, TV, and radio. The objective of these consultations would be to explore the elimination of the current three-tax system, which consists of remote gaming duty, general betting duty, and pool betting duty.
Currently, remote gaming duty accounts for 21% of remote gaming profits during the 2022-2023 tax year. In comparison, general betting duty is set at 15% of net stake receipts, which is similar to the gross profits obtained from bookmaking. Lastly, pool betting duty stands at 15% of pool betting receipts.
Under Hunt's plan, the government will initiate consultations in the near future to gather opinions and suggestions on altering the existing remote gambling tax structure. Remote gambling, as defined by the proposal, encompasses gambling activities conducted over the internet, telephone, TV, and radio. The objective of these consultations would be to explore the elimination of the current three-tax system, which consists of remote gaming duty, general betting duty, and pool betting duty.
Currently, remote gaming duty accounts for 21% of remote gaming profits during the 2022-2023 tax year. In comparison, general betting duty is set at 15% of net stake receipts, which is similar to the gross profits obtained from bookmaking. Lastly, pool betting duty stands at 15% of pool betting receipts.