In the wake of the Irish budget, in which Finace Minister Charlie McCreevy announced a betting tax reduction from 5% to 2%, Power Leisure which owns the Paddy Power chain of bookmakers, has said that its telephone and internet operations are 'likely to remain' in the UK.
The Irish bookmaker relocated 25% of its business to the United Kingdom earlier this year, when Chancellor Gordon Brown abolished betting tax in favour of a gross profits tax levied on the bookies themselves.
In a statement issued immediately following the Finance Minister's budget speech, the company announced that it would assess whether or not it is viable to subsidise the 2% betting tax for its Irish customers. 'Historically, a reduction in betting tax has led to an uplift in betting turnover,' it observed. 'However, given the small scale of the reduction it is difficult to quantify its potential impact.'
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