Dáil Éireann Debate, Tuesday - 13 March 2012
139 Deputy Gerry Adams asked the Minister for Finance, with regard to the proposed betting (amendment) Bill, if the legislation will cover betting exchanges, specifically in relation to layers who lay bets in an identical fashion to traditional bookmakers but without a betting licence; if the new legislation will allow tax to be collected on moneys earned by these layers; and if he will make a statement on the matter. [13537/12]
Amharc ar fhreagraThe proposed betting (Amendment) Bill, which is being drafted at present, will amend the 1931 Betting Act to inter alia establish the regulatory framework for the licensing of remote bookmakers and betting exchanges, including measures to enforce the regulatory framework. The drafting of the Bill, which is fairly complex, is well advanced. The Finance Act 2011 contained measures to allow for the extension of the 1% betting duty to remote bookmakers and for a 15% gross profit tax to betting exchanges. The taxation provisions are subject to a Ministerial Commencement order which can only be commenced when the Betting (Amendment) Bill is enacted. In relation to the taxation treatment of betting exchanges, it is the operator of the betting exchange that will be liable to the gross profit tax which is also the position in the UK.
