The Betting and Gaming Council (BGC) has advised the Chancellor to reconsider a stealth tax on land-primarily based totally casinos.
Under measures introduced via way of means of the Treasury, Gaming Duty Bands carried out to U.K. casinos had been frozen once more and could now no longer upward thrust with inflation, correctly growing a £5m annual tax growth throughout BGC land-primarily based totally on line casino members.
There have been hopes the freeze, first introduced in March, might be abandoned, presenting a much-wanted enhance to a region that’s suffering with growing wages and power prices plus excessive inflation.
Currently casinos, a important pillar of the tourism and hospitality region, rent greater than 10,000 humans catering to over sixteen million patron visits each yr. They contribute £300m yearly in taxes and an estimated £800m a yr Gross Value Added to the economy. But a few have struggled to rebound from the pandemic and the contemporary hard financial headwinds, which has visible closures and task losses.
In 2005 there have been one hundred sixty casinos withinside the UK – now there are 117. Four casinos have closed in current months, inclusive of Genting owned Crockfords in Mayfair, the oldest on line casino withinside the country.
In 2019 casinos hired 13,six hundred humans, which has dropped to much less than 10,two hundred now, a 25% reduction.
Betting and Gaming Council CEO Michael Dugher said: “Freezing Gaming Duty Bands is a stealth tax which has the ability to gradual healing and weaken destiny growth.
“Removing it might have supplied a fine addition for the land-primarily based totally on line casino region at a essential time.
“Instead, the choice to preserve the popularity quo represents a overlooked possibility for agencies geared up and capable of generate jobs and funding throughout the country.
“Right now casinos, which play this sort of important position withinside the tourism and hospitality region, are anticipating the modest however assignment crucial coverage adjustments introduced withinside the White Paper.
“It appears quick sighted to preserve this stealth tax whilst failing to make adjustments so one can permit casinos to rent and grow. The BGC urges a re-suppose so Gaming Duty Bands may be moved with inflation at the following possibility.”