2008 forecasts a bingo tax reform:

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With the Department for Culture, Media and Sport backing a campaign of Gala and Rank Coral, UK bingo industry is expected to find a tax reform in 2008. The department aims at applying pressure on Chancellor Alistair Darling for tax breaks in the 2008 budget.

 

With the falling admissions for bingo clubs, the age of the customers of bingo clubs increasing, the newly imposed smoking ban and the new Gambling Act of 2007, UK bingo industry is in a tough time.

 

All this is because bingo companies are taxed twice; it is taxed once with Gaming duty of 15% and then with VAT 17.5%. Bingo bosses claim this is too much as this is the only form of gambling that is taxed twice.

 

Gala Coral’s chief executive Neil Goulden told Financial Times that they had explained to the Prime Minister and Chancellor saying that if bingo received similar tax treatment as other gambling industries received, it would lead to an investment that will help increase admissions.

 

However with 100 clubs predicted to close in 2008, the Treasury feels that this tax break is not sufficient for solving problems the bingo industry faces. Something else has to be worked out to solve the problem.

 

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