Reasonable Gambling Tax Will Bring Me Back
Published: Saturday, November 19, 2005 Online-Casinos.com
REASONABLE GAMBLING TAX WILL BRING ME BACK SAYS VC
Respected gambling exec speaks on UK gambling tax
Victor Chandler has joined the many online gambling executives appealing for sensible tax concessions under the new UK Gambling Act.
The sports betting and gaming entrepreneur, head of the Victor Chandler Group, told The Times that he would consider relocating his Gibraltar-based gambling operation back to the United Kingdom if the UK government introduces a favourable tax regime.
Victor Chandler was one of the first British bookmakers to take advantage of more benign tax regimes offshore when, in 1999, the company's entire operation was moved to Gibraltar, from where it could offer tax-free betting to a growing number of international clients.
However, in the meantime, the UK has abolished tax on betting stakes, and officials are now working to agree a revamped regulatory and taxation system for online casinos and poker sites. Chandler told the newspaper that he would only be tempted back to the UK if the government introduced a more favourable tax regime than that currently offered in Gibraltar.
“For an operator like me, the only way they’d stand to get us back to the UK is through what I’ve got here, corporation tax, like any other business, and nothing else,” Chandler stated.
“It will be interesting to see what the (UK) government does because they could end up making laws to ensure the industry is properly regulated but then, if they get the tax system wrong, they’ll have virtually nobody to regulate because everyone will stay where they are," he added.
Chandler noted that there are compelling reasons for a company like his to move back to the UK, such as cheaper access to internet bandwidth and a larger pool of potential employees.
