Proposal for casino tax eased
Tuesday 30 June 1998
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.
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