Alistair Darling, the announcer of the Bingo Budget, announced that VAT will not be removed from the budget and that their taxes will be doubled. Neither Casinos nor Betting Shops have to pay 17.5%; Bingos are the only ones who will now need to pay this and a gross profit Tax of 15%.
The chief executive of the Bingo Association, Paul Talboys, speaks in reference to this: “This is a slap in the face for bingo players across the country. There is no reason why they should continue to be penalized by double taxation when other gambling products pay only a single tax. The industry is struggling to deal with the combined impact of double taxation, the removal of gaming machines and the impact of the smoking ban. In the last 14 months alone, some 43 clubs have closed. This lack of action will now ensure further club closures with attendant loss of jobs and decrease in Treasury receipts.”
Bingo is a well-known game, played by millions of people all around the United Kingdom and it is one of that country’s preferred activities to participate. Supposedly, there are still 103 bingo clubs, which are at high risk of being closed down.
Ian Burke, the Rank Group’s Chief Executive says: “It’s deeply disappointing but we will continue to present our case as there is no logic to taxing us twice. They’ve made the wrong economic judgment."
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Alistair Darling, the announcer of the Bingo Budget, announced that VAT will not be removed from the budget and that their taxes will be doubled. Neither Casinos nor Betting Shops have to pay 17.5%; Bingos are the only ones who will now need to pay this and a gross profit Tax of 15%.