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27/10/2003
Bingo industry gain from £35m tax cut
Changes to bingo taxation being introduced today will abolish the tax on bingo stakes and introduce duty on bingo clubs' gross profits, delivering a tax cut of £35 million to the bingo industry.
Based on the introduction of gross profits tax regimes elsewhere in betting, the government believes these reforms will enable the bingo industry to invest more in local clubs and generate a cycle of increasing attendances, investment and growth.
John Healey, Economic Secretary to the Treasury, said: "This £35 million tax boost will give bingo clubs the opportunity to deliver higher prizes and lower prices to millions of players around the country. It will enable clubs to invest and create a secure foundation for the industry's future."
Bingo company Gala has estimated that its tax bill will reduce by £16 million a year and intends to pass all the savings through to customers. It will abolish entrance fees at a cost of £8 million and increase prize money by £8 million a year.
John Kelly, Chief Executive, of Gala, welcomed the government's initiative as "an important step in modernising the bingo tax regime".
From 27 October 2003 the duty on the stakes paid by players, and the duty on money added to prize funds by bingo clubs ('added prize money) will be abolished and be replaced with a 15% duty on the bingo promoters' gross profits.
(gmcg)
Based on the introduction of gross profits tax regimes elsewhere in betting, the government believes these reforms will enable the bingo industry to invest more in local clubs and generate a cycle of increasing attendances, investment and growth.
John Healey, Economic Secretary to the Treasury, said: "This £35 million tax boost will give bingo clubs the opportunity to deliver higher prizes and lower prices to millions of players around the country. It will enable clubs to invest and create a secure foundation for the industry's future."
Bingo company Gala has estimated that its tax bill will reduce by £16 million a year and intends to pass all the savings through to customers. It will abolish entrance fees at a cost of £8 million and increase prize money by £8 million a year.
John Kelly, Chief Executive, of Gala, welcomed the government's initiative as "an important step in modernising the bingo tax regime".
From 27 October 2003 the duty on the stakes paid by players, and the duty on money added to prize funds by bingo clubs ('added prize money) will be abolished and be replaced with a 15% duty on the bingo promoters' gross profits.
(gmcg)
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