Manx gambling duty to be implemented in January
Gambling Duty Act will replace previous gambling duty legislation to create a consolidated legislative framework
The Isle of Man government has announced a new duty on certain types of gambling activity will come into force on 1 January 2014.
The Gambling Duty Act 2012, which received Royal Assent last October, will replace the general betting duty, pool betting duty and online gambling duty next year if approved by the local parliament Tynwald in November.
The Act will see operators offering online gambling and betting pay 1.5% of their gambling yield on the first £20m per annum, 0.5% on the next £20m and 0.1% on any amount in excess of the first £40m. Pool betting operators will be liable to a single duty-rate of 15%.
The Customs and Excise Division of the Treasury said the Act is designed to provide increased flexibility and a more robust legislative framework.
The announcement comes after the Manx eGaming Association (MeGA) last month predicted 13% growth in the Isle of Man’s egaming sector this year and forecasted a rise in both income and employment.
“The future for egaming on the Isle of Man continues to look encouraging, with a good pipeline of new enquiries from companies in both licensable and non-licensable activities and the clear commitment from established entities being demonstrated by their restructuring plans,” MeGA chairman, John Webster, said at the time.