British tax-free date brought forward Tax-free betting is to be introduced in Britain three months ahead of schedule.The sweeping changes, replacing the current system through which the Government collects betting duty, are being brought forward to October 6th after 'rapid progress' made by bookmakers and Customs, said financial secretary to the Treasury Paul Boateng.Chancellor Gordon Brown announced the move in his March budget to stop the boom in off-shore tax-free gambling which costs the exchequer millions of pounds a year.Bookmakers will now be taxed on their gross profits at a rate of 15 per cent, meaning that punters in betting shops will no longer have to pay the nine per cent tax.Boateng said it was a 'good deal all round'.'The old tax on punters has been in place almost unchanged in 1966, but we realised it was not going to work in the 21st Century and would mean UK-based bookmakers losing out on the global betting market,' he said.'Our reforms mean punters will get tax-free betting, bookmakers will see increased turnover, and both racing and Government revenues will share the benefits.'
