HISTORIC PRESS RELEASE : Government boosts bingo with additional £10 million [June 2003]
The press release issued by HM Treasury on 18 June 2003.
The Government is today amending the Finance Bill to reduce the tax on bingo by a further £10 million per year, enabling the industry to increase prize money for the UK’s three million bingo players, on top of the £25 milllion announced by the Chancellor in his Budget.
The amendment to the Finance Bill tabled by Economic Secretary to the Treasury, John Healey, is building on reforms set out by the Chancellor in the Budget and give a total tax cut of £35 million for bingo.
When introducing this change, John Healey MP said:
“Bingo is a popular pastime, and one which spans the generations. We want to ensure that it is fairly and proportionately taxed. With this amendment, we have further simplified and reduced the taxation facing the bingo industry – with a total tax break of £35 million.
“We believe this provides a good basis for the industry to increase their prizes and attract new players into Britain’s bingo clubs. We will continue to work closely with the industry to see what further progress can be made.”
The Government is tabling this amendment after extensive consultation with the Bingo Association, Gala and Mecca, all of which support this measure. The Government is bolstering its reforms to the taxation of bingo, delivering a further simplification to the regime.
