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IOM Deal With UK Tax
Friday September 5,2014 : ISLE OF MAN DEAL WITH BRITISH TAXMAN GOOD FOR ONLINE GAMBLING OPERATORS
Online gambling operators licensed in the Isle of Man and accessing the British market will not be required to appoint a UK representative to account for tax issues.
Thanks to a cooperative deal between the Isle of Man and British governments, online gambling operators licensed in the Isle of Man and accessing the UK market will not be required to appoint a UK representative to account for any general betting duty, pool betting duty or remote gaming duty liabilities which may become due on or after December 1, when the new point-of-consumption tax on operators kicks in.
Isle of Man Treasury Minister Eddie Teare MHK announced Friday that an agreement has been reached with HM Revenue and Customs on the issue, and that an order made under the Gambling Duty Act 2012 will be put before Tynwald (the Isle of Man parliament) for approval.
This will ratify the agreement and allow the Customs and Excise Division of the island's Treasury to recover any such liabilities, if necessary.
Minister Teare said that without the agreement, Isle of Man operators with customers in the UK would need to appoint a UK representative to be jointly liable for any duty debt, or provide security themselves to HMRC for any potential debt.
He added, "The agreement is a further example of government being proactive in supporting a successful sector of the island’s economy. It also serves to illustrate the good standing of the island’s gambling sector, whose regulation has been recognised by the UK authorities of being of the highest standard."
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