Budget 2014: Bingo duty halved to 10%

Measures in Finance Bill 2014 will reduce the rate of bingo duty with effect for accounting periods on or after 30 June 2014

The amendment, announced by Chancellor George Osborne, will ‘protect jobs and communities’ with effect from Royal Assent to Finance Bill 2014.

The moves come as the Treasury announced that number of bingo halls have fallen by three-quarters over the last 30 years.

In its Budget book, the Treasury said: ‘The government recognises the important role that bingo clubs play in bringing local communities together, supporting employment and contributing to British culture.

Chris Sanger, EY head of tax policy comments: ‘In commending the Budget to the “House”, the Chancellor reduced the tax rate for Bingo by a “Cameron’s Den” (10) percentage points. Moving from almost the highest tax rate for gaming to the lowest, this will provide a stimulus for the sector and a welcome respite for an industry that has been suffering.’

Approximately 170 bingo promoters will benefit from the reduction in the rate of bingo duty.

Penny Sukhraj |Content editor, Accountancy - (up to 2016)

Penny Sukhraj, former content editor and writer for Accountancy and Accountancy Live, responsible for commissioning and editing news...

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