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Flint urges Chancellor not to hit sector with Budget tax hike

SkyBet boss against UK gambling tax rise

SkyBet boss against UK gambling tax rise
“We are prepared to have the penalty [of higher taxes] versus being based offshore but it could become unsustainable if taxes are increased too much,” said Richard Flint, chief executive of Sky Betting & Gaming.
United Kingdom | 11/08/2017

Richard Flint, chief executive of Sky Betting & Gaming is urging the UK government not to increase the current tax rate on gambling companies active in the country, arguing that such a move could get in the way of future investment plans.

T

he UK’s Chancellor of the Exchequer, Philip Hammond, is set to announce his autumn budget later this month. Flint said in an interview with the Telegraph it was “not inconceivable” that gambling-related taxes could rise.

The current 15% point-of-consumption tax was implemented in December of 2014 as a way of preventing off-shore firms from avoiding paying tax in the UK.

Companies offering gambling services to players in the UK must now pay taxes regardless of their headquarters.

“We are prepared to have the penalty [of higher taxes] versus being based offshore but it could become unsustainable if taxes are increased too much,” Flint said.

Flint said that for the year to June 2017, his company paid £153m (€173.4m/$201.1m) in taxes, equivalent to 30% of its revenue, and added that as the firm is based in the UK, it means it has to pay VAT on marketing expenditure – something that is not levied on those based offshore.

Yogonet.com
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