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FAST MOVE ON UK OFFSHORE INTERNET GAMBLING TAX

Monday July 18, 2011 : Parliamentary announcement squeezed into Monday's House of Commons schedule
 
The UK government appears to be moving quickly on its previously announced intention to impose secondary licensing - and taxation - on offshore internet gambling companies accessing the British market.
 
According to reports in The Guardian newspaper over the weekend, a slot for an announcement on the tax implications has been squeezed into the House of Commons schedule for Monday, and whilst he is not expected to delve into too much detail, it is anticipated that Chancellor of the Exchequer,  George Osborne, will start the ball rolling on a process leading to formal regulations and tax plans.
 
The British parliament is about to adjourn for its summer recess.
 
Offshore operators pay no UK tax, while onshore gambling companies pay 15 percent gross profits tax plus corporation tax
 
Last week a minister in the DCMS, John Penrose, announced that every betting company offering wagers to British punters will have to obtain a UK licence – news that was widely seen as a precursor to the UK beginning to tax offshore operators.
 
One industry observer noted: "The statement will mean that this will be part of Treasury legislation. There is going to have to be a level of consultation in all of this."
 
The Guardian opines that there are a range of new taxation options open to the Treasury, which include simply imposing the 15 percent rate on offshore operators dealing with UK punters.
 
However, the leading high-street bookmakers are almost certain to lobby for a drop in the gross profits tax to about 10 percent, arguing that the duty would also catch rivals who currently pay nothing. One unnamed top high-street betting chain told the newspaper privately that such a regime could see it return its offshore internet operations to the UK.



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US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

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