The ongoing Bingo Tax cut debate about tax cuts on land-based bingo halls is gathering momentum. Currently, land-based Bingo Halls pay a 20% tax on profits compared to the 15% tax rate on other forms of gambling.
How can this be correct? Bingo is an activity that binds people together, unlike other gambling games and provides a social outlet for millions of people across the United Kingdom.
Even Members of Parliament have seen the light and are asking for tax breaks to get extended. According to reports, this issue has more than fifty MPs backing the call to cut taxes on Bingo Halls. A Labour Party MP had the following to say ” if more support is not given, then the “social service” side of Bingo will be lost.”
It seems pretty funny that even Labour MPs are now recognizing the disappearing face of Bingo Halls from towns and villages across the UK. It also needs to be pointed out that the tax rate on Bingo Halls went up under a Labour Government.
The response from the current Government was a predictable one. It stated that it would have to consider the proposed reduction in tax as the economic priority was reducing the budget deficit.
I am no economist, but wouldn’t a reduction of the tax burden and making it equal to other forms of gambling promote investment in the industry and more jobs.
It seems as if Bingo in the UK is an easy target for whatever Government is in charge to raise taxes. At the bare minimum, the tax rate on Bingo should be the same as other gambling types.
Instead of seeing Bingo Halls and Jobs across the country disappear, we would see investment and jobs and social activities taking place.
A Bingo Association spokesperson had the following to say
“By building new clubs and investing in new clubs, attendances would improve that would generate more income, that would generate new taxes, that would use more people, this is at the heart of the community, this is a vital and important part of some people’s social repertoire.”
Tax Bingo somewhat is what we are demanding, not asking. It is not suitable for Bingo to be carrying the can. Either that or raise taxes on other gambling to 20%.
Do you have an opinion about this? If so, please leave a comment below.