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A bill introduced by Conservative MP Matthew Hancock that would reform the UK Gambling Act of 2005 was heard in the House of Commons this week and given a second hearing, which is scheduled for March 30th.
The bill would cover the taxation of offshore gambling companies and would propose that all wagering companies that service UK customers be forced to obtain a UK Gambling Commission license and pay taxes on revenue. It would also eliminate the Horse Racing Levy.
The bill was introduced through the House of Commons "10 Minute Rule" which gives the member introducing the bill the chance to convince fellow members of the merits of the bill within 10 minutes.
The bill is currently opposed by MP Philip Davies who says that increased regulation would increase players seeking illegal offshore operators, although he did state that "a single digit tax system of 5% across the board would be better than trying to collect 15% from none of them".
Commenting on the bill, MP Hancock said “I look forward to making the case for reform to the system and helping secure a future for racing. Horseracing supports 100,000 jobs countrywide including 5,000 in my constituency town of Newmarket."
“Everyone should welcome a level playing field for gambling and racing here in the UK."