UK Chancellor George Osborne has halved bingo duty to 10 per cent but increased levies on FOBTs to 25 per cent in today’s Budget.
These will come into force in March 2015. There’s good news for the beleaguered pub industry too, with the duty escalator on alcohol duties scrapped in favour of increasing in line with inflation, 1p off a pint of beer and frozen duties on whiskey and cider.
Brigid Simmonds, chief executive of the Beer and Pub Association, took to Twitter to show her appreciation: “One pence off a pint again this year, what a fantastic result for beer. Cheers George!”
“Higher tax on FOBTs more than pays for the bingo tax cut in today’s budget. Extra £90m from FOBTs next year to HMRC, £40m less from bingo,” said Daniel Macadam, managing editor at Gambling Compliance’s European office in London.
In fact, shares in Ladbrokes and William Hill fell sharply after the Budget announcement that duty on FOBT’s will be increased.
