Our regular readers will know that a looming bonus tax was threatening our no deposit bonuses. Well, thanks to the snap general election happening next month, this has been pushed back for the moment.
What was this Tax?
This free bets tax was proposed in the last budget, with an aim to tax both the earnings of betting based businesses as well as the amount of free bonuses that they give out. For the UK government this was a plan to bring in more money to their coffers from the industries that could historically afford it.
There were no real specifics on how the bonus tax UK would work and at what percentage it would be charged out. This was to come later in the year with a view to bring the entire tax in by August 2017. There was already speculation that this deadline would be missed, as the government had still to consult with the industry experts based on their opinions.
What Changed the Deadline?
Players in the UK will know that with a snap general election called by the Prime Minister, all of these policies have basically been shelved. They’ll be looking to roll out positive policies and really get those votes coming in, finance won’t really be at the front and centre. Of course, the party that proposed this tax may not even be in power by the end of next month!
Then, we’ll most likely be waiting for the next Autumn Statement to learn what the government wishes to do regarding the tax.
Will the Tax be Back?
This is a tricky one to answer, as the bingo bonus tax could come back in the coming years or it may disappear entirely. This may be an option for the government to backtrack on what was being seen as an unpopular move anyway.
With the rapidly changing political landscape within the UK, it wouldn’t be surprising if there was a massive shift with the number of seats and power in the house. Even changing party members could throw this tax right out the window.
It’s basically a 50/50 at the moment as to whether this tax will be coming back, though everything could change come the 8th of June.
What does this mean for Players?
Right now, we’re basically back at business as usual. Some brands have already gotten rid of their no deposit bonuses, so we don’t expect to see them coming back to be perfectly honest. They’ll most likely just wait to find out when this will be confirmed and what they can do to prevent having to pay for it!
Until we find out more, this tax could be back in many different shapes and forms. This tax has been pretty vague so far and we’re hoping that it slips under the radar in future. For now it seems that bingo bonuses are safe, so why not check out our reviews on where to find the very best ones to get you started.
