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United Kingdom: New law on online gambling, 15% tax and compulsory licensing!
The UK has adopted a new gambling legislation on online games after the text received its royal assent on May 14. Debated since 2012, the Bill has been established to correct the Gambling Act of 2005. Gambling operators who offer online games in the UK are now taxed according to the tax point of consumption rather than on the location of the establishment or company. The law had been voted in March in the House of Lords, a law that requires all poker game operators and other online gambling companies to have license in order to legally provide gambling services to British customers. Besides, these operators should pay a 15% tax for all generated profits with customers located in the United Kingdom.
Under this new legislation, all national and offshore gambling operators are charged this 15% tax on all profits generated with British players. In addition to that, these operators should also take part in the fight against illegal activities and corruption, to support research and treatment on problems related to gambling. The new legislation on online gambling, including online poker game in the United Kingdom received Royal consent last week but its application is not expected soon. In fact, the UK Gaming Commission believes that the law will not enter into force before September 1st, 2014. The submission of application for a license is scheduled to open from mid-July. And the license application should be accompanied by additional cost, depending on gross gaming revenues (GGR).
Source: Jack SMITH
Tuesday, 20 May 2014
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