As reported by Tax-News.com, the sports betting entrepreneur Victor Chandler said he would consider relocating his Gibraltar-based gambling operation back to the UK if the government introduces a more favourable tax regime than that currently offered in Gibraltar.
Victor Chandler was one of the first British bookmakers to take advantage of more benign tax regimes offshore when, in 1999, the company\’s entire operation was moved to Gibraltar, from where it could offer tax-free betting to a growing number of international clients.
However, in the meantime, the UK has abolished tax on betting stakes, and officials are now working to agree a revamped regulatory and taxation system for online gambling sites.
“For an operator like me, the only way they’d stand to get us back to the UK is through what I’ve got here, corporation tax, like any other business, and nothing else,” Chandler stated.
“It will be interesting to see what the (UK) government does because they could end up making laws to ensure the industry is properly regulated but then, if they get the tax system wrong, they’ll have virtually nobody to regulate because everyone will stay where they are,” he added.
Chandler noted that there are compelling reasons for a company like his to move back to the UK, such as cheaper access to internet bandwidth and a larger pool of potential employees to pick from. However, this may still not be enough to tempt him back.
“Moving back is going to cost an operator like me a lot, though,” he stated.
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