HMRC record a decrease of 8% in UK betting and tax duty, with £1.34 billion generated for the financial year
The pandemic continues to have leave its mark on the UK and its economy. This time, Her Majesty Revenue and Customs (HMRC) has recorded a decrease of 8% in UK betting and gaming tax duty for the current financial year.
The suspension of live sports during the month of March had a big part to play in this decrease as the General Betting Duty (GBD) were down by 3%, amounting to £265 million. Subsequently, analysis by the UKAT, UK Addiction and Treatment, shows only £80m were generated by GBD. This amount is half of what was recorded in the same time last year, while betting receipts were down £30million from the previous two financial years.
Nuno Albuquerque, UKAT head of treatment, stated: “The figures in today’s report were, overall, unsurprising and expected. Of course, income from Machine Game Duty and Bingo Duty would have taken a hit, as the places where people would have engaged with this type of activity were forced to close.”
“People will deal with the coronavirus crisis in different ways. It’s important to remember that too much of anything can be detrimental, especially if it starts to negatively impact on your day-to-day life.”
So far, HMRC has received £1.34 billion from betting and gaming receipts for the financial year. Remote Gaming Duty was responsible for 32% of this amount, an increase of a whopping 30% from the previous year.
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