Satch
MB Enthusiast
- Joined
- Nov 24, 2003
- Messages
- 3,508
- Location
- Surrey
- Car
- S211 E320Cdi Avantgarde Estate & Toyota Land Cruiser
My son was doing his PSE coursework last night about the evils of drink, drugs and gambling. He asked me why the Government is just sooooooo keen to let us all be responsible grown ups and have 40+ mega casinos to play in when elsewhere this is held to be A Bad Thing.
So I told him.
The answer is Gaming Duty, which is all but invisible to anyone except the Casino operators and Gordon Brown. Calculated on the "Gross Gaming Yield" which is all the stake money less winnings, it is charged like this:
The first £258,250 2.5 per cent.
The next £573,250 12.5 per cent.
The next £573,250 20 per cent.
The next £1,003,750 30 per cent.
The remainder 40 per cent.
Of course that is a "duty" so the Casino operators still have to pay Corporation Tax on their remaining net profits, but they expect to make enough net of Duty & Corporation Taxes to make it very profitable for them.
So since the experts reckon that the UK gaming spend could easily go from about £750m to £2500m and the house always wins you end up with the Treasury hoping to rake in £500m to £750m p.a overall.
And much of that is expected to come from some of the most vulnerable members of society. So there really are no depths to which this Government will not sink to extract yet more Stealth Taxes
QED
So I told him.
The answer is Gaming Duty, which is all but invisible to anyone except the Casino operators and Gordon Brown. Calculated on the "Gross Gaming Yield" which is all the stake money less winnings, it is charged like this:
The first £258,250 2.5 per cent.
The next £573,250 12.5 per cent.
The next £573,250 20 per cent.
The next £1,003,750 30 per cent.
The remainder 40 per cent.
Of course that is a "duty" so the Casino operators still have to pay Corporation Tax on their remaining net profits, but they expect to make enough net of Duty & Corporation Taxes to make it very profitable for them.
So since the experts reckon that the UK gaming spend could easily go from about £750m to £2500m and the house always wins you end up with the Treasury hoping to rake in £500m to £750m p.a overall.
And much of that is expected to come from some of the most vulnerable members of society. So there really are no depths to which this Government will not sink to extract yet more Stealth Taxes
QED