Offshore sportsbetting outfits will soon need certainly to pony up UK taxes to remain in business with British punters
The country is closing a loophole which has been enabling big bookies to dodge paying tax in Great Britain in a move to protect the UK 's racing industry. As a result, gambling businesses that run overseas from tax havens, but just take bets from British-based punters, could see themselves hit with a combined £300 million ($470 million) tax bill every year. Those that continue to try to dodge having to pay taxes on their profits obtained from British clients could address seven years imprisonment and fines that are unlimited.
Many UK Bookmakers Operate from Abroad
Some associated with the UK's many popular bookmaking companies have positioned their online operations outside of great britain simply to reap the benefits of lower tax rates, including William Hill, Ladbrokes and Coral, all of which take advantage of huge popularity among UK punters.
Now, starting in December 2014, bookmakers who take wagers from British-based customers either by telephone or online is going to be liable to tax bills on the profits, with no consideration of where into the world their operations are observed.
Estimates from the Gambling Commission value great britain remote gambling market at more than £2 billion annually, and treasury officials claim that the UK is set to gain around