As reported by The Guardian, Chancellor of the Exchequer Rachel Reeves has received two proposals to increase gambling taxes, considered as a measure to plug the UK’s £22bn public finance deficit.
A proposal endorsed by the Institute for Public Policy Research (IPPR) calls for the Treasury to double taxes on gambling’s “higher-risk segments,” such as online casinos, slots, and sports betting, to raise £2.9bn next year and up to £3.4bn by 2030.
The IPPR underscores its recommendation to introduce a “polluter pays principle” as higher taxes will incentives UK gambling to promote lower risk games to consumers.
A separate proposal from the Social Market Foundation (SMF) urges Reeves to double taxes on all online gambling activities from 21% to 42%, raising £1bn annually.
The Guardian noted that a tax increase on gambling is “definitely on the map,” according to a sourc..
