Legislate to close offshore gambling loophole, says MP
NEWMARKET MP Matthew Hancock has been granted Parliamentary time on February 7 to promote a bill intending to close the offshore gambling loophole.
The proposed bill will change gambling licensing to a point of consumption basis. He will present the case in a Ten Minute Rule Bill in Parliament at 3.30pm.
Over the past seven years, 18 of the 20 major bookmakers have moved offshore, a move he claims is partly to blame for the precipitous decline in the amount paid to horseracing by the Levy, endangering the future of the sport.
The Levy has dropped by almost 50 per cent in only three years, to a level that is unsustainable for the horseracing industry, he said.
Mr Hancock said he will call for a change in the licensing of bookmakers, to create a level playing field in the UK for all, which he said was particularly important for smaller businesses still based in the UK.
While generating the majority of their revenues from the UK market, offshore companies avoid paying £75 to £100 million in UK taxes and avoid full contributions to the Levy.
Mr Hancock said: “I am delighted to have the opportunity to bring forward this bill. Racing contributes billions to our economy, is a major exporter and supports 100,000 much-needed jobs – 5,000 of them in Newmarket.
“It is vital racing is funded in a sustainable way and part of doing this is ensuring all those who benefit from racing contribute fairly towards its upkeep.
“I can understand bookmakers who say they have no choice but to go offshore because their competitors have already done so. Like them I want to see a level playing field where everyone can compete fairly in the UK.”
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