In a go on to protect the British ‘s racing industry, the country is closing a loophole which has been enabling big bookies to dodge having to pay tax in Great Britain. As a result, gambling firms that run offshore from tax havens, but simply take bets from British-based punters, could see themselves hit with a combined £300 million ($470 million) tax bill each year. Those that continue to try to dodge spending fees on their earnings obtained from Uk customers could address seven years imprisonment and fines that are unlimited.

Many UK Bookmakers Operate from Abroad

Some for the UK’s many bookmaking that is popular have positioned their online operations outside of great britain simply to reap the benefits of reduced tax rates, including William Hill, Ladbrokes and Coral, all of which reap the benefits of huge popularity among UK punters.

Now, starting in December 2014, bookmakers who take wagers from British-based customers either by telephone or on line is liable to tax bills in the profits, with no consideration of where in the globe their operations are situated.

Estimates from the Gambling Commission value the united kingdom remote gambling market at more than £2 billion annually, and treasury officials claim that the UK is set to gain around £300 million worth of tax reve […]