P2P Betting Exchanges Face Higher Tax

Monday, January 17, 2005

P2P Betting Exchanges Face Higher Taxes

I knew the person to person betting exchanges like betfair and betdaq would get hit by the taxman sooner rather than later.

UK Internet betting exchanges face a more taxing future - Chancellor Gordon Brown is expected to change rules to squeeze more cash from websites which allow punters to place bets with each other.
The changes follow a National Audit Office report which found online exchanges paid just £7.3m in tax last year despite taking bets worth more than £2.67bn. This compares to £376m paid by bookmakers on bets worth £30bn"


The p2p betting exchanges have also taken some business away from the big bookies, therefore the government have collected less betting tax from the betting shop profits.

Gordon Brown will tax the P2P firms harder this time around, but Custom and Excise are already wondering how the gambling duties on p2p exchanges will be enforced

Gamblog Comment :: Customs and Excise need not worry how the gambling duty on P2P exchange firms will be inforced. It will be a self earn, self calculate, self pay or be fined heavily kind of tax. The usual rip off Britain type tax..

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