UK Treasury Committee weighs impact of gaming tax rise as Nigel Feetham holds ‘constructive’ talks

The UK House of Commons Treasury Select Committee has today heard that Gibraltar’s gaming industry is fully regulated and tax compliant.

The Committee considered arguments for and against the proposed tax increase on the gambling industry, which is expected to be announced in the UK Budget on 26 November.

MPs first heard evidence highlighting the social and economic costs of gambling addiction, presented as justification for the proposed tax rise.

Representing the industry, the UK’s Betting and Gaming Council warned that the increase could cost the economy up to £3.1 billion and put jobs and sports sponsorships at risk.

In answer to GBC questions, the Minister for Financial Services said he has held a "constructive discussion" with the UK Treasury team, which included Dan Tomlinson, the Exchequer Secretary to the Treasury.

Nigel Feetham also addressed MPs on the subject at the gaming breakfast during Gibraltar Day in London.

Around 75% of UK online sports-betting business involves companies registered in Gibraltar.

The sector contributes to approximately 30% of the Rock’s GDP, with 3400 jobs, amounting to roughly 50% of total corporate tax receipts and 15% personal tax receipts for last year.

UK Gaming companies have threatened wide-spread closures if the Chancellor goes ahead with increased taxes.