Fixed Odds Betting Terminals To Be VAT Taxed

Thursday, December 15, 2005

The Association of British Bookmakers have announced that fixed odds betting terminals will be VAT taxed on Dec 6 2005.

VAT Tax Coming For FOBT's
It was announced in the Pre Budget Report that VAT would replace General Betting Duty (GPT)on FOBTs from 6 December 2005 onwards. (Amusement Machine Licence Duty, AMLD, will also become payable on FOBTs post-Budget 2006, at a rate that is yet to be determined.)Customs will include a note with their Duty Return Form for December, to be issued mid-December, that will explain the changes.

It is possible that some bookmakers will need to register for VAT for the first time; the note will direct these bookmakers to appropriate literature that can be downloaded from the web or requested.
Gamblog Comment - It was inevitable the treasury would find a way to glean more profits from the FOBT's. The high street bookies have seen a massive increase in profits from these virtual roulette machines.

So much profit in fact, the betting shops are now virtually high street arcades and not betting shops atall, because the FOBT's make more money than the horseracing, greyhounds, football coupons and sports betting combined I gather.

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