What a little Darling! – Chancellor slaps bingo where it hurts

Alistair Darling belies his name by proving to the bingo industry that he is anything but a darling.  The Chancellor announced in his budget speech that although VAT charges incurred by the bingo industry will be scrapped, he is effectively giving relief in one hand and then snatching it back with another by increasing the bingo duty.

Bingo duty will increase from the current rate of 15% to 22% which analysts have calculated will cost the bingo companies more in the long run. From the bingo industry perspective it seems that the Government has the knives out for the bingo industry, after much time spent lobbying the Government for a fairer system it is shocking that having taken one unfair and unbalanced tax away from bingo that the Exchequer would then increase the amount paid elsewhere.  Bookmakers however have got away without incurring any rise in the current 15% on the gross profits tax payable.

Rank are reeling from the news that not only will they face higher taxation for the bingo side of their business but they will also incur massive increases for their casino operations too.  The expected rises are expected to expected to cost the company a further £6 million, this comes at a time of deep financial crisis for the whole country and is therefore likely to hit the company hard.

It is hoped that the Government will think long and hard about targeting the bingo industry further as this could certainly sound the death knell for the high street bingo hall if this were the case.