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Internet Betting Exchanges To Win Tax Exemption In UK, Report Suggests

by Jason Gorringe, for LawAndTax-News.com, London

25 May 2004

Reports in the UK media this week have suggested that the UK's Culture Secretary, Tessa Jowell, is gearing up to reject recommendations made by an all-party joint scrutiny committee which recently examined the government's new gambling laws.

Reporting at the weekend, the Times suggested that the Minister's predicted dismissal of calls by MPs to curb unregistered and untaxed internet betting exchanges is likely to anger Chancellor Gordon Brown, who revealed in his 2004 budget that the Treasury was studying ways in which tax revenue could be collected from the websites.

According to the Times, the joint scrutiny committee supported plans to tax the exchanges in its review of the gambling laws, suggesting in addition that: "the Inland Revenue may wish to impose regulatory requirements...as part of money laundering or taxation arrangements".

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