16th Mar 2016 14:20
LONDON (Alliance News) - Shares in Ladbrokes PLC and William Hill PLC were higher Wednesday after UK Chancellor George Osborne imposed no big new gambling taxes and said the UK government will amend the tax treatment of free gambling under its Remote Gaming Duty regime.
In the 2016 Budget, Osborne said remote gaming operators currently benefit from a more generous tax treatment when offering discounted or free gambling to customers under the Remote Gaming Duty regime than would be given to operators offering free bets on football or horseracing, for example.
The government, therefore, will amend the tax treatment of this free gambling to bring it into line with the tax treatment of free bets in General Betting Duty.
In addition, no damaging new taxes, such as hiked Machine Games Duty, were included in the Budget.
Ladbrokes shares were up 6.4% to 122.30 pence after the Budget announcement, while William Hill shares were up 3.9% to 379.40p. Both are among the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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