 | |
| Parliament | 52nd |
|---|---|
| Party | Labour |
| Chancellor | Gordon Brown |
| Website | |
‹ 2000 2002› | |
The 2001 United Kingdom budget, named "Investing for the Long Term: Building Opportunity and Prosperity for All", was presented by Gordon Brown, Chancellor of the Exchequer, to the House of Commons March 2001. As of June 2020 it is the most recent year in UK history that the government reported a budgetary surplus. [1]
In the 2001 UK Budget, Chancellor Gordon Brown introduced significant reforms aimed at modernizing the taxation system for the betting industry, with a focus on promoting competitiveness and fairness. Central to these reforms was the replacement of the longstanding general betting duty with a gross profits tax system, scheduled to come into effect by 1st January 2002.
Under the new system, the existing duty of 6.75% on total stakes was supplanted by a 15% tax on bookmakers' gross profits. This shift was designed to eliminate taxation on punters directly, fostering accessibility and fairness within the industry. Moreover, by restructuring the tax burden to be borne by bookmakers, the reform aimed to empower them to absorb the tax and cease the 9% "deduction" previously charged on stakes.
The rationale behind this reform was to create an environment conducive to the growth of the British betting industry, both domestically and internationally. By leveraging the opportunities presented by e-commerce and the global betting market, the reform sought to position UK-based bookmakers at a competitive advantage.
One notable outcome of these changes was the decision by major UK bookmakers to relocate their offshore operations back to the UK. This relocation was driven by the attractiveness of the new duty system, coupled with the nation's reputation for bookmaking integrity, skilled workforce, and robust IT infrastructure. The repatriation of these operations promised to stimulate e-commerce businesses, create employment opportunities, and contribute to economic growth.
Furthermore, the reforms broadened the scope of the gross profits tax to include bets placed with brokers or agents holding bookmakers' permits, ensuring equitable treatment across the industry. While the on-course exemption for betting at racecourses and greyhound tracks was retained, discussions were initiated regarding the potential inclusion of betting at other sports venues within the new tax framework.
In summary, the 2001 Budget's reforms of betting taxation aimed to foster a competitive and fair environment for the British betting industry. By transitioning to a gross profits tax system and eliminating taxation on punters, the reforms sought to stimulate growth, enhance competitiveness, and safeguard government revenues in the long term.
Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting.
A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays out bets on sporting and other events at agreed-upon odds.
A betting exchange is a marketplace for customers to bet on the outcome of discrete events. Betting exchanges offer the same opportunities to bet as a bookmaker with a few differences. Gamblers can buy and sell the outcome, and they can trade in real-time throughout the event, either to cut their losses or lock in profit. Bookmaker operators generate revenue by offering less efficient odds. Betting exchanges normally generate revenue by charging a small commission on winning bets.
Tax reform is the process of changing the way taxes are collected or managed by the government and is usually undertaken to improve tax administration or to provide economic or social benefits. Tax reform can include reducing the level of taxation of all people by the government, making the tax system more progressive or less progressive, or simplifying the tax system and making the system more understandable or more accountable.
A tax cut represents a decrease in the amount of money taken from taxpayers to go towards government revenue. Tax cuts decrease the revenue of the government and increase the disposable income of taxpayers. Tax cuts usually refer to reductions in the percentage of tax paid on income, goods and services. As they leave consumers with more disposable income, tax cuts are an example of an expansionary fiscal policy. Tax cuts also include reduction in tax in other ways, such as tax credit, deductions and loopholes.
The treasurerof Australia, also known as the Federaltreasurer or simply the treasurer, is the minister of state of the Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury. The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.
Corporation tax in the United Kingdom is a corporate tax levied in on the profits made by UK-resident companies and on the profits of entities registered overseas with permanent establishments in the UK.
Vehicle Excise Duty is an annual tax levied as an excise duty, and which must be paid for most types of powered vehicles which are to be used or parked on public roads in the United Kingdom. Registered vehicles that are not being used or parked on public roads and which have been taxed since 31 January 1998 must be covered by a Statutory Off Road Notification (SORN) to avoid VED. In 2016, VED generated approximately £6 billion for the Exchequer.
In the United Kingdom, taxation may involve payments to at least three different levels of government: central government, devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion.
Petroleum Revenue Tax (PRT) is a direct tax collected in the United Kingdom. It was introduced under the Oil Taxation Act 1975, soon after Harold Wilson's Labour government returned to power and in the immediate aftermath of the 1973 energy crisis, and was intended to ensure "fairer share of profits for the nation" from the exploitation of the UK's continental shelf, while ensuring a "suitable return" on the capital investment by oil companies.
In France, taxation is determined by the yearly budget vote by the French Parliament, which determines which kinds of taxes can be levied and which rates can be applied.
Gambling in the United Kingdom is regulated by the Gambling Commission on behalf of the government's Department for Digital, Culture, Media and Sport (DCMS) under the Gambling Act 2005. This Act of Parliament significantly updated the UK's gambling laws, including the introduction of a new structure of protections for children and vulnerable adults, as well as bringing the burgeoning Internet gaming sector within British regulation for the first time.
The tax system of the Russian Federation is a complex of relationships between fiscal authorities and taxpayers in the field of all existing taxes and fees. It implies continuous communication of all its members and related objects: payers; legislative framework; oversight authorities; types of mandatory payments. The Russian Tax Code is the primary tax law for the Russian Federation. The Code was created, adopted and implemented in three stages.
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality.
Taxation in the British Virgin Islands is relatively simple by comparative standards; photocopies of all of the tax laws of the British Virgin Islands (BVI) would together amount to about 200 pages of paper.
Bet365 is a British gambling company founded in 2000. Its product offering includes sports betting, online casino, online poker, and online bingo. Business operations are conducted from its headquarters in Stoke-on-Trent, alongside a satellite office in Malta. It was founded by Denise Coates, who remains the majority shareholder and joint-chief executive, alongside her brother John Coates.
Zeljko Ranogajec is a businessman and professional gambler from Australia. The London-based Ranogajec is known for horse betting, blackjack and other forms of advantage gambling.
The 2011 United Kingdom budget, officially called 2011 Budget – A strong and stable economy, growth and fairness, was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on 23 March 2011.
Gordon Brown served as Chancellor of the Exchequer of the United Kingdom from 2 May 1997 to 27 June 2007. His tenure was marked by major reform of Britain's monetary and fiscal policy architecture, transferring interest rate setting powers to the Bank of England, by a wide extension of the powers of the Treasury to cover much domestic policy and by transferring responsibility for banking supervision to the Financial Services Authority. Brown presided over the longest period of sustained economic growth in British history. He had previously served as Shadow Chancellor of the Exchequer in Tony Blair's Shadow Cabinet from 1994 to 1997. As Shadow Chancellor, Brown as Chancellor-in-waiting was seen as a good choice by business and the middle class.
The 1987 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 17 March 1987. It was the fourth budget to be presented by Lawson, and saw him announce tax cuts worth £2.6bn. He also forecast a £3bn reduction in government borrowing. Among his announcements were a reduction in the basic rate of income tax from 29% to 27%, and a reduction in Corporation Tax from 29% to 27%. The budget took place three months before the 1987 general election, which the Conservatives won. Neil Kinnock, leader of the Opposition Labour Party described it as a "bribes budget".
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