Parliament to debate Newmarket MP’s proposal to close gambling loophole
NEWMARKET MP Matthew Hancock’s Offshore Gambling Bill will be debated in Parliament tomorrow (Tuesday).
The Bill is designed to speed up the process of closing the tax loophole that allows bookmakers to avoid UK taxes and Levy contributions by basing their online businesses offshore.
During the debate Mr Hancock will argue that the system that currently funds horseracing and regulates bookmakers is broken. Eighteen of the 20 major bookmakers run their online operations from offshore, avoiding up to £300 million in UK taxes and tens of millions in Levy contributions.
The Bill calls for a new ‘point of consumption’ approach to gambling licensing which would bring these bookmakers under the auspices of the Gambling Commission, where they would be subject to UK consumer protection laws, UK taxes and Levy contributions.
Mr Hancock said he was aiming to secure cross-party support to demonstrate the broad consensus on the issue.
“I look forward to making the case for reform to the system and helping secure a future for racing. Horseracing supports 100,000 jobs countrywide including 5,000 in my constituency town of Newmarket,” he said.
“Everyone should welcome a level playing field for gambling and racing here in the UK and I hope that success tomorrow will encourage the Government to implement their current plans as soon as possible.”
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Friday 25 May 2012
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Temperature: 12 C to 21 C
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