9th of February 2012 Author: Johnny Karp
Hancock's "Point of Consumption" bill faces the House of Commons
This week, a bill introduced by Conservative MP Matthew Hancock, covering the taxation of offshore bookmakers, stood before the House of Commons. As a result, the bill, which seeks to reform the UK Gambling Act from 2005, has been given a second reading scheduled for March 30, 2012.
In addition, the bill suggests that all bookmakers servicing the UK market should be forced to apply for a UK Gambling Commission license and pay taxes on revenues; it also proposes to cut out the Horse Racing Levy and introduce a taxation model based on customer location rather than the physical location of the company offering the services.
Yet, the bill encountered opposition - a conservative MP Philip Davies opined that increased regulation would see players seek out illegal market operators. However, he added that "a single digit tax system of 5 percent across the board would be better than trying to collect 15 percent from none of them.'
Speaking in favor of the bill, Hancock said: 'I look forward to making the case for reform to the system and helping secure a future for racing. Horseracing supports 100,000 jobs countrywide including 5,000 in my constituency town of Newmarket.
'Everyone should welcome a level playing field for gambling and racing here in the UK ".
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