Capital Gains Tax Encourages Investment Gambling
Posted: 11/06/2010 Filed under: Offshore Solutions, Remote Gambling License, UK Company Set Up | Tags: business concerns, corporation tax, gambling, gambling laws, gambling sites Leave a comment »We have talked before about the fact that the British love to gamble. And we have certainly covered the proposed capital gains tax rise planned for the UK. A recent article in the Telegraph talked about how one will cause people to be rewarded for the other.
The article was specifically pointing out that if the huge rise that is expected in capital gains tax does eventuate then people who have had a safe and steady attitude to investment and saving will be heavily penalized and those that gambled on the things far less trustworthy will nearly avoid the taxation all together.
It seems three million shareholders – a lot of them blue collar workers who have invested their earnings in their own companies — are likely to be hit hard by the increase in capital gains tax.
While those that invested in a kind of stock market gamble known as a spread bet, this is where you take a punt on which stocks will got up and which will drop, will miss out on being taxed at all. You don’t even have to own the shares.
Many experts are warning that this kind of reward for risk is likely to foster a gambling mentality and put people off the kind of patient long term investment that will see Britain recover its buoyant economy more quickly. It is also feared that the shift to avoid the huge taxation hike will result in the money going into the pockets of bookies rather than the coffers of the government.
Call me a cynic but I think that this type of talk is more likely to result in a change to laws to allow the taxing of spread betting than the stoppage of the proposed capital gains tax rise.
Gambling Pair Take a Punt On Settlement
Posted: 11/05/2010 Filed under: Investment, Remote Gambling License, Small Business, Uncategorized | Tags: gambling, gambling laws, gambling sites, uk investments Leave a comment »A very interesting UK gambling story this week. Or at least a story that involves UK gambling companies.
In The Times this week I noticed a story on two UK gambling firms that have decided to take their chances in court. Richard Segal, the former chief executive of PartyGaming, and Stephen Hill, former chief executive of Betfair, have chosen to fight one of Britain’s oldest private equity companies over monies they believe are owed to them in unpaid bonuses.
The pair were bought in by 3i to run a fund that was later closed and the two men forced to forego certain performance bonuses that they had been promised. It seems that the crux of the two business mens argument is that they were both very successful before they got involved with 3i and that it is therefore reasonable to say that the fault for the poor performance of the fund lay elsewhere.
Each man claims to be owed around 3 million pounds by 3i. A quite hefty chunk of change indeed.
It will be interesting to see if their gamble pays off.
In the meantime the gambling business, especially offshore companies continue to be a good bet in the UK. If you want some advice on how to set one up we would be happy to help.
The Big Debate Gamble; What Are the Odds?
Posted: 13/04/2010 Filed under: Remote Gambling License, Small Business, UK Company Set Up | Tags: business concerns, gambling, gambling laws, gambling sites, uk companies, uk investments 1 Comment »As i have mentioned before I am involved in helping people obtain remote gambling licenses and to run UK companies that specialise in gambling. It is a growing trade in the UK and it is no wonder as it seems we have a fascination with it. Earlier in the month I published a blog that outlined the types of bets available for the various aspects of the budget. I thought I would do the same for the big party debate, but get in a little earlier so you have time to mull over your bets.
As with the budget the bookmakers are hard at it trying to find interesting and lively ways to part us from our money. Gone are the days where you were likely to be only able to bet on the result of an event. In this day and age that would never satisfy the average punter. On the serious side we have bets such as who will be the first to break the rules of the debate and which of the three with achieve the highest TV audience. The last one though does appear to depend on whoever goes first, apparently after that a lot of us lose motivation. The odds are probably not worth publishing this far out from the debate but they should be interesting.
On the more frivolous side you can also bet on who will be the first to perspire, the most fascinating thing about this will be how they plan to measure it.
If you are looking to cash in on the growth in the UK gambling market feel free to get in touch and discuss it. We have been setting people up in this business for years.
UK Gambling Giant To Take On the French
Posted: 08/04/2010 Filed under: Remote Gambling License, UK Investment | Tags: offshore gambling, online gambling, remote gambling regulations, remote gambling. gambling Leave a comment »Having so much involvement, as I do with clients with gambling business interests and offshore gambling licenses I am always interested in what is going on in the world of UK gambling. This week saw a very interesting story, I saw it in the Times but I am sure it was discussed elsewhere about the plans of UK gambling company Ladbrokes and their plans to crack the French market.
Apparently the recent relaxing of restrictions on how much money gambling companies can take in France has convinced Ladbrokes that is now a market well worth exploring. They have teamed up with the leading French pay-tv company in an effort to lure gamblers onto Ladbrokes internet betting and gaming website and also through the French television channels.
Up until now the French gambling sector was tightly controlled by regulations that meant the the government run PMU pool betting company were the only viable option in France. The new rules governing internet gambling announced approved this week are set to change all that. A spokesperson for Ladbrokes had this to say this week
“We currently have no presence in France, it is a very competitive market but it is also a very big market. It will still be highly regulated but it is hoped that it will be further deregulated over time.
All the best to them though you have got to think that they will not be the only company trying to exploit the changes, companies from other countries are likely to have a crack too.
If you are interested in getting involved in a thriving UK gambling market or in obtaining a remote license then we can help you out here at St Matthew’s eAccounting.
The Big Budget Gamble
Posted: 24/03/2010 Filed under: Remote Gambling License, UK Taxation | Tags: bingo online, gambling, gambling laws, gambling sites Leave a comment »As someone who deals with gambling licenses and someone who is involved quite heavily in dealing with companies and their money I was trawling through the internet looking for information on the budget, which is bound to affect most of my clients, and gambling laws in case of any changes. I was delighted to find an article which managed to fit in both.
An article in the Guardian was very detailed on the bookies and their budget odds and it just goes to show you you can bet on just about anything in the UK these days. My clients who wish to set themselves up in a UK gambling business could do worse than to look at the breadth of things you could bet on on budget day.
On the more serious side you could bet on the actual substance of the budget ten ways from Sunday with your options including 1/5 that alcohol duty will go up,12/1 that it will be reduced ( which I think are fairly short odds as if it goes down I will gladly eat my hat without seasoning). The odds are 1/5 that the final budget deficit for 2009-2010 will come in below £178bn. On the less serious side you can actually bet on how many times Darling will say the word deficit!
My personal favorite though is the fact that you can bet on Alistair Darling’s tie. The colour and the length! This may not be a bad choice actually as last year, when he wore a bluely gray tie the bookies paid out on both.
If you are worried about how aspects of the budget will affect you and your company feel free to give us a ring and discuss it with us. we are experts in UK company taxation.
UK Gambling Laws Still Unpopular
Posted: 17/02/2010 Filed under: Remote Gambling License | Tags: gambling, gambling laws, gambling sites, remote gambling regulations, remote gambling. gambling Leave a comment »It is the opinion of many and specifically a story on the gambling site eGaming Review last week, that the government’s desperate attempts to fix up HYPERLINK “http://www.stmworldwide.com/” UK gambling laws is still a failure.
The announcement last week that “all operators who want to target British consumers must be licensed by the commission” is seen by the gambling sector as being quite admirable but also, ultimately, probably futile. This is the latest attempt by the government to plug a gaping huge hole in UK gambling laws that allows remote gaming and betting websites to advertise in the UK wether they hold a British license or not.
It is a situation made worse by the fact that the huge taxation that the UK government has thrown at the gambling sector has resulted in a lot of major UK players moving their internet concerns offshore. This has become somewhat of a battle royal, with popular opinion having it that the government is losing.
The difficulty lies not in the wording or intention of this new law, that is all very clear. The problem is the enforcing of it. Many a government including the USA and lots of European countries have already been down this road and failed.
I wish them all the best with but I am not hopeful. Just a thought; perhaps they could consider a tax reform to lure the offshore activities back to our fair shores.
If you are interested in a HYPERLINK “http://www.stmworldwide.com/services-uk-ltd-company.html” remote gambling license or even setting up your own company in this sector then we can help at St Matthew’s eAccounting. We deal with with it every day and are experts at helping you get things running smoothly.
Offshore Bingo Companies Whacked With New License
Posted: 03/02/2010 Filed under: Remote Gambling License | Tags: bingo online, gambling, online gambling Leave a comment »
We have been hearing for a awhile now about the alleged changes to the UK remote gambling laws and finally we have some confirmation.
There has apparently been a leak in from the Department of Culture, media and Sports that has forced the hand of sports minister Gerry Sutcliffe. Mr Sutcliffe has now announced that any off shore gambling business that have a customer base in the UK will need to hold a license and will then be subject to regulation from the UK Gambling Commission.
Before this all takes place though there will be a consolation period with UK land based businesses. This is a good thing because no one knows better than those in the industry what a suspicious betting pattern or problematic gambler looks like. the emphasize is to be on protecting children and vulnerable people. This is a worthy goal and we all applaud it.
There will also be a chance for online Bingo companies to demonstrate how they are responsible for contributing to research and education about the pitfalls of gambling in the UK.
As we have discussed on this blog before the government express a preference for UK bingo companies to operate in the UK but their 15% tax is very discouraging of this.
This new set of laws looks set to take a new tact with advertising to British punters being the target. the government is without doubt aware that advertising is the life blood of gambling organizations and hopes to make things more difficult for those located completely offshore. The idea being to give those actually on British soil an advantage.
I have expressed my skepticism about this plan before but I am perfectly willing to be proven wrong. Watch this space as things become clearer over the next weeks and months.
Things To Know About Remote Gambling In the UK
Posted: 02/02/2010 Filed under: Remote Gambling License | Tags: online gambling, remote gambling. gambling Leave a comment »Of course, there are quite strict laws in the UK covering all aspects of holding a gambling license but in my opinion it is particularly easy to fall foul of the ones that relate specifically to remote gambling. Especially if you happen to have been involved in static gambling, the differences can trip you up.
The first thing to be aware of is that if you have any piece of gambling equipment that can be used remotely located in the UK, then you are governed by its remote gambling laws. it does not matter if this piece of equipment is used to actually place a bet or only for demonstrating the result, you best get yourself a UK remote gambling license.
Next thing is that if you are running an operation that has remote equipment in the UK but visitors never use the premises then you need not have anything but a remote gambling license. The other type is not required unless you are going to physically have patrons at your premises.
The last thing you now need to be careful of is the portion of the law governing the prohibited territories. It against the law to provide facilities to to persons residing in these places. Which places these are is decided by the UK government and you should check the list carefully.
There is no doubt that remote gambling is big business around the world now. As with most new things it takes a while to get the laws pertaining to it correct. Most agree that in terms of the regulations such as the ones outlined above the UK government have done quite a nice job of putting things together. It is when we start talking about taxation that things get a little sticky.
UK Remote Gambling Laws Overview Part 1
Posted: 01/02/2010 Filed under: Remote Gambling License | Tags: gambling laws, internet gambling, online gambling, remote gambling Leave a comment »After my last blog on the proposed changes to UK gambling regulations I thought it might be an idea to look at the way remote gambling is handled in the UK. The UK is widely acknowledged to be one of the most progressive countries with regard to regulating remote gambling. Rather than apply the attitude of many other countries with prohibitive laws they have strived to give the people what they want. It has not always worked out but the thought is there.
The UK gambling laws were changed radically in response to a directive from the EU for standardization. Many also believe that a motivating factor was a political response to the prohibition of online gambling in the USA.
In 2003 The UK took a long hard look at the changes modern gambling had undergone and decided to rid themselves of old and tired laws that were no longer of much practical use. Mainly they needed to deal with the invention of online gambling, something that has taken the gambling world by storm.
The new laws covered a concept called remote gambling which deals with not just the internet but also things such as mobile telephones, landlines, TV and radio, anything in fact that you could use to place a bet that was not attached to the actual gambling premises.
Once they had their definition they were able to go ahead and develop laws designed to regulate the remote gambling industry and its practices. For a start remote gambling operations are required to hold a different type of license to their bricks and mortar counterpart. If a company does both then it must hold two separate licenses.
If you are going to get into the area of remote gambling in the UK there are a few specific differences you should be aware of. I will take you through them in the next blog.
Mixed Feelings About New UK Gambling Laws
Posted: 31/01/2010 Filed under: Remote Gambling License | Tags: gambling, offshore gambling, remote gambling regulations Leave a comment »Gambling laws in the UK have long been a bone of contention. Though we have to be profoundly grateful that our leaders see fit to allow online gambling unlike many, less enlightened countries, they still have a long way to go if they are going to get things running smoothly.
It is an area that the government has traditionally gotten wrong so a lot of people will wait to see how these new laws pan out.
On paper there are some of the changes that seem set to improve things both for the consumer and the UK horse racing fraternity. The Department for Culture, Media and Sport seems to have their heart in the right place with these proposed changes. They are designed to protect the consumer and improve the income of the racing world. How well they do so will be interesting to see.
Offshore operators that market in the UK are said to being going to have to pay a fair price for that right. It also targets horse racing levies that UK sports bettors are subject to, and yet offshore groups are not.
We all applaud the theory at work here. In the long a fully licensed and regulated market is probably the answer to a happy healthy industry in the long run. Many, however, are questioning how practical these law changes will be to implement.
Many of the offshore companies are blatantly targeting UK players but some are not. Where will the government draw the line?
The recent UK Gambling Act succeeded partly in policing things when it introduced its White List, which gave the go ahead to offshore countries in specific licensing jurisdictions in the world to advertise in the UK.
Ironically it was the governments own laws that allowed foreign customers to target UK consumers in the first place.
