GOOD NEWS FOR UK BINGO
18 December 2009
Taxman acknowledges that all bingo games are
exempt from VAT
The embattled UK bingo industry received an early
Christmas present this week when the UK tax authorities
announced that it will accept that bingo games will be
Valued Added Tax exempt.
The announcement
follows HM Revenue and Customs' consideration of its
failed High Court case against the Rank Group, where the
group's mechanised bingo machines were classed as VAT
exempt by the courts.
The publication Accountancy
Age quotes official sources as confirming that the
ruling includes all bingo games.
Deloitte senior
indirect tax partner Tony McClenaghan said it was a
"very positive announcement" for the industry, and those
organisations affected should consider submitting claims
for overpaid VAT.
"We believe that this is the
right approach for an industry that has suffered in the
last few years with an increasing burden in taxation,"
said Clenaghan.
However, with HMRC's appeal set
for the courts in April 2010, the taxman has warned VAT
claimants that if the government's appeal against the
court ruling is successful, it would require the
repayment of any reclaimed VAT with interest.
The
VAT exemption follows a 2 percent cut on 'bingo duties'
from 22 percent to 20 percent announced in the budget
earlier in the week by Chancellor of the Exchequer
Alistair Darling and due to take effect from April 2010.
Online Casino News Courtesy of
Infopowa
More news here.
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