Rachel Reeves Unveils £3bn Tax Increase Plan for UK Gambling Sector
For several days now, there has been active discussion about possible changes to the tax legislation for the UK Gambling Sector, and we may be talking about a radical increase. One of the main figures here is Labour's Chancellor Rachel Reeves, who is considering this proposal.
The fact is that The Treasury is faced with a huge deficit of £22bn, which will be very difficult to cope with unless an extra tax windfall is found. And so Labour's Chancellor is studying the possibility of a tax increase of up to £3 billion on the UK gambling industry, the main target of which will be online casinos and bookmakers.
Interestingly, there will likely be a division of activities based on their potential harm. According to rumors, so-called "lower harm" ones such as lotteries or bingo will not be affected by the changes.
The industry immediately reacted negatively and expressed concerns about the potential rise of black-market gambling. There were also statements that this would lead to inevitable staff reductions, and now at least 110 thousand people are involved in this sector.
The situation will become clearer on October 30, when the budget adoption procedure is carried out (by the way, this is the first time in the last 14 years that the budget will be adopted by the Labour Party).
