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CMS tax co-head says Treasury needs deeper understanding of gambling sector

Regulation

CMS tax co-head Stephen Hignett said the UK Treasury still needs to understand why parts of the gambling industry operate offshore, ahead of the budget. He said the sector’s history and competitive conditions shaped those arrangements, following Treasury scrutiny of offshore companies and a consultation on gambling taxes.

Treasury understanding of offshore operators may shape future gambling tax policy.

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Regulation

BGC warns UK Machine Games Duty rise could put 9,000 jobs at risk

The Betting and Gaming Council said the UK’s planned increase in Machine Games Duty to 25% could put nearly 9,000 jobs at risk and leave almost 1,000 betting shops and casinos facing closure or serious risk of closure, citing EY estimates. The council also cited more than 600 betting shops closed or set to close since the previous year’s budget and said over 11,000 online and retail jobs had been lost or put at risk. Its chief executive, Grainne Hurst, criticised the tax increase.

The Betting and Gaming Council (BGC) has criticised the UK Chancellor of the Exchequer's decision to raise Machine Games Duty (MGD) to 25%, the trade body said. The BGC said the increase would put almost 9,000 jobs at risk and leave almost 1,000 betting shops and casinos facing closure or serious risk of closure, according to estimates by EY cited by the council.

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