Despite suggestions in the media that the UK government might hit the gambling industry with tax rises of up to £3bn in its first Budget, Chancellor Rachel Reeves included no such rises in gambling duties in her first Budget announcement (October 30th).
Referencing the industry, Ms Reeves announced that Gross Gaming Yield bands for Gaming Duty will be frozen from April 1st 2025 until March 31st 2026, and that the UK Government will consult next year on proposals to introduce a single Remote Gambling Tax.
Grainne Hurst, CEO of the Betting & Gaming Council, said: “We welcome today’s Budget and its commitment to not increase gambling duties on the regulated betting and gaming sector.
“We have been clear, any duty rises now would have hit customers, prevented growth, risked jobs and bolstered the unsafe, unregulated gambling black market.
“Government has listened to the BGC and our members, got the balance right and rejected calls from anti-gambling prohibitionists seeking to threaten jobs and growth. With policy for the sector already set, our members can look to support the Government’s ambitious growth agenda, generating tax, jobs and investment across the nation while continuing to support sports like horseracing.”
