A deal between the Isle of Man and tax authorities in the UK has been hailed as good news for the island’s gambling industry.
Treasury Minister Eddie Teare MHK announced today that an agreement has been reached with HM Revenue and Customs (HMRC) that gambling operators licensed in the Isle of Man thast have customers in the UK will not be required to appoint a UK representative to account for any general betting duty, pool betting duty or remote gaming duty liabilities which may become due on or after December 1.
An order made under the Gambling Duty Act 2012 will be put before Tynwald for approval, which will ratify the agreement and allow the Customs and Excise Division of the Treasury to recover any such liabilities, if necessary.
The rules relating to the various UK duties change on December 1, and will then be based on the location of the customer rather than the gambling operator.
Without this agreement, Isle of Man operators with customers in the UK would need to appoint a UK representative to be jointly liable for any duty debt, or provide security themselves to HMRC for any potential debt.
Mr Teare said: ‘The agreement is a further example of Government being proactive in supporting a successful sector of the island’s economy. It also serves to illustrate the good standing of the island’s gambling sector, whose regulation has been recognised by the UK authorities of being of the highest standard.’