The proposal is that the new top rate of tax, 40 per cent, will now apply only to gross gaming yield in excess of pounds 4.2m a year instead of pounds 2.9m.
In the Budget, Mr Brown had proposed changes which would raise revenue from the tax by pounds 25m pounds in a year. Tax of 2.5 per cent was to be payable on the first pounds 400,000 of gross gaming yield; 12.5 per cent on the next pounds 1m; 25 per cent on the next pounds 1.5m; and 40 per cent on the remainder.
Under the amendment, the 2.5 per cent tax band is raised to pounds 450,000 of gross yield; the next pounds 1m will be at 12.5 per cent; the next pounds 1m 20 per cent; the next pounds 1.75m 30 per cent; and the remainder 40 per cent. The amendment is expected to be debated in the Commons today.Reuse content