12th of December 2009 Author: Glo Wood
Taxman acknowledges that all bingo games are exempt from VAT
The embattled UK bingo industry received an early Christmas present this week when the UK tax authorities announced that it will accept that bingo games will be Valued Added Tax exempt.
The announcement follows HM Revenue and Customs' consideration of its failed High Court case against the Rank Group, where the group's mechanised bingo machines were classed as VAT exempt by the courts.
The publication Accountancy Age quotes official sources as confirming that the ruling includes all bingo games.
Deloitte senior indirect tax partner Tony McClenaghan said it was a "very positive announcement" for the industry, and those organisations affected should consider submitting claims for overpaid VAT.
"We believe that this is the right approach for an industry that has suffered in the last few years with an increasing burden in taxation," said Clenaghan.
However, with HMRC's appeal set for the courts in April 2010, the taxman has warned VAT claimants that if the government's appeal against the court ruling is successful, it would require the repayment of any reclaimed VAT with interest.
The VAT exemption follows a 2 percent cut on 'bingo duties' from 22 percent to 20 percent announced in the budget earlier in the week by Chancellor of the Exchequer Alistair Darling and due to take effect from April 2010.
General Gambling News Bingo Society News
12th of July 2018
17th of January 2011
19th of November 2018
18th of November 2018
1st of November 2018
17th of September 2018
23rd of September 2018
18th of October 2018
16th of September 2018
21st of September 2018
Join now for full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
Disclaimer Contact Us Privacy Terms and Conditions Gambling Help About Us Site Map Trusted Portals
LatestBingoBonuses.com © 2006-2018
Enter your email adress:
T&C's Apply. 18+
Do not show this again
You have been successfully subscribed to receive LBB newsletter!