Gaming Realms and BDO discuss the impacts and consequences of new UK taxation
London, England (PRWEB UK) 24 February 2014 -- Changes to gambling regulation in the UK is proving divisive. But for online bingo operators there is none more so than the incoming change from a point-of-supply to a point-of-consumption tax which is set to turn the industry on its head.
The consumption tax which sees tax paid at the point of the bet rather than the point of supply is set to even out what big operators such as Bet365 argue is an unfair advantage to operators that currently pay lower rates of tax in offshore jurisdictions like Gibraltar and the Isle of Man. Yet, much uncertainty about how the tax will be levied remains.
Recent research by leading bingo intelligence firm Bullet Business indicates that the consumption tax is hot on the lips of the industry’s top operators. Jonny Clegg, Head of Bingo, at Bullet Business said: “It’s clear that mitigating the consumption tax is a top priority for the vast majority of UK bingo operators. Nearly 90% of research participants flagged the tax as their number one concern in 2014.”
None are more under threat than smaller bingo brands as Clegg continues: “Although the direct impacts of the tax are uncertain, most under threat are the smaller bingo brands which may disappear as they fight to keep up with new taxation.”
The innovative new operator behind Bingo Godz, Gaming Realms, will join accountants BDO and other UK and offshore based bingo operators at the Online Bingo Summit 2014 to discuss the impacts of the new tax. The renowned event (May 15-16, London) will delve deeper into how operators can mitigate the impacts of the new tax on already tight profit margins.
For more information visit: http://www.bulletbusiness.com/bingo
Or contact Jonny Clegg at Jonny(at)bulletbusiness(dot)com
Jonny Clegg, Bullet Business, http://www.bulletbusiness.com/, +44 2073757193, [email protected]
Share this article