BRITISH PUSH TAX-FREE BETTING FORWARD

July 15, 2001 7:52 PM
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Proposed tax-free betting in Great Britain has been pushed forward to October 6, according to Paul Boeateng, finance secretary to the Treasury.

Chancellor Gordon Brown first announced the move in an effort to stop the boom in off-shore tax-free gambling.

Under the new plan, bookmakers would be taxed on their gross profits at a rate of 15 percent. Bookmakers Ladbrokes said it would begin offering tax-free bets from October 6.