HM Revenue and Customs (HMRC) has announced that gambling revenue for the 2020/2021 financial year fell below expectations, largely due to the economic impact of national lockdowns. Total tax receipts registered from April 2020 to March 2021 totalled £2.83 billion – a drop of £182 million or 6% when compared to 2019/2020 fiscal duties – attributed to COVID-19 lockdowns enforcing …
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GVC Holdings has become the latest gambling company to issue a claim to Her Majesty’s Revenue & Customs (HMRC) regarding compensation owed from tax charges related to fixed-odds betting terminals (FOBTs). After William Hill followed the lead of Betfred and Rank Group earlier in the week, GVC has predicted that a successful claim ‘will result in a cash inflow to …
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William Hill has followed counterparts Betfred and Rank Group Plc in issuing an HMRC claim on compensation owed from tax charges related to fixed-odds betting terminals (FOBTs). The FTSE bookmaker could stand to secure a multi-million £ tax rebate on FOBT charges issued between 2005 and 2013. William Hill’s HMRC rebate stands from an April High Court ruling that favoured …
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UK bookmakers could secure compensation for previous tax charges made against gambling machines, after HM Revenue & Customs (HMRC) lost its long-standing dispute against Rank Group and Betfred. Last Friday, an Upper Tribunal led by Justice Anthony Mann and Judge Thomas Scott ruled in favour of the betting firms who had long disputed HMRC’s classification of VAT charges on Fixed …
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Amid COVID-19 disruptions, Rank Group has revealed that it is ‘preparing for difficult trading conditions’ when it reopens its venues. Publishing a trading update for the quarter to 31 March 2020, Rank’s like-for-like net gaming revenue was down 4% for the quarter, while total NGR saw an increase of 5%. Rank Group has predicted that annual underlying operating profit will amount …
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HM Revenue and Customs (HMRC) has published its national statistics update on duties generated by the industry’s seven different tax verticals – Bingo Duty, Gaming Duty, General Betting Duty (GBD), Lottery Duty, Machine Games Duty (MGD), Pool Betting Duty (PBD) and Remote Gaming Duty (RGD). Reporting betting & gaming tax statistics for the six month period of April-to-September 2019, HMRC reports …
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Publishing its ‘Anti-money laundering and counter-terrorism financing supervision report 2017/18’, the HM Treasury has praised the UK Gambling Commission (UKGC) for its contribution to research and insights on UK AML concerns. The Treasury publishes its seventh ‘AML/CTF report’, seeking to improve compliance transparency and accountability for UK supervisory stakeholders, across multiple business disciplines. In its report, the HM Treasury consults …
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The UK government has released its policy paper supporting the 2018 Budget, detailing the Treasury’s fiscal planning, monetary policies and industry/commercial duties. The update confirms that the government will implement its long-awaited FOBTs £2 stake reduction from October 2019, a directive that will cost the Treasury £270 million in lost tax revenues by 2023/24. Making up for tax shortfall, the …
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Fixed Odds Betting Terminals (FOBTs) have returned to the news once again, after a first-tier tribunal found in the favour of bookmakers, which could potentially see them rake in a billion pounds in paid VAT from 2005 to 2013. The original decision by the tribunal deemed that Category B2 games should have been VAT exempt from 2005 to 2013, after …
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The UK Court of Appeal has rejected Ladbrokes Coral’s £71 million tax avoidance claim, siding with UK Revenue & Customs (HMRC) over the decade-long legal dispute. In October 2017, Ladbrokes Coral governance had taken its dispute to the Court of Appeal, having lost a three-year-long hearing at the UK Tribunal Court. The Ladbrokes legacy tax avoidance case relates to a …
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