Bad news for betting enthusiasts as Treasury seeks to implement tax rise

KTN News Jun 19,2018


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Treasury has moved forward with a radical proposal to increase tax on betting, by seeking to implement a 20% tax on winnings, payable by any winner of the proceeds of a bet, with the betting company expected to pay an additional 15% of the winnings to the exchequer. This is an addition to the overall 35% corporate tax that is charged on betting companies. The proceeds are expected to go into sports fund and to universal healthcare.