UK to Rethink Taxes for Gaming Machines
Monday, May 30th, 2011 - Alfie Williams
The UK government has just drafted a new law that would overhaul the current system for taxing gaming machines across the country. Currently, machines are taxed via two separate schemes, and this new legislation would see to it that venues only pay one tax per machine.
For more than a year, the government has been mulling over the idea. This will be the second consultation on the subject and politicians are optimistic that the law will be passed. After all, it will be making things more convenient for venue owners that operate gaming machines.
The new tax would be called a Machine Games Duty (MGD) which would replace the current VAT and Amusement Machine License Duty (AMLD). Under the new law, all gaming machines would be taxed under the MGD and the AMLD would no longer exist. In addition, gaming machines would no longer be required to pay the VAT.
The UK Treasury believes that changing up the tax scheme will be more efficient for the gaming industry as a whole. The regulatory climate continues to change in the UK’s online gambling industry, and having just one tax scheme will lend itself well to these changes. It will also help to keep up with inflation and technological changes in the industry.
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