HMRC is consulting until 4 June 2018 on three options for changing the current 6-month accounting period for gaming duty. The government announced at Autumn Budget 2017 its intention to consult on bringing the administration of gaming duty more into line with the other gambling duties.
HMRC is consulting until 4 June 2018 on three options for changing the current 6-month accounting period for gaming duty. The government announced at Autumn Budget 2017 its intention to consult on bringing the administration of gaming duty more into line with the other gambling duties.
The government’s preferred option would be a 3-month accounting period, removing the requirement to make payments on account and allowing carry-forward of losses between periods.
The second option would involve a 6-month period, also without payments on account and allowing carry-forward of losses.
The third option, involving a 12-month accounting period, would retain payments on account and have no provision for carry-forward of losses.
The government states that any changes arising from the consultation are unlikely to be implemented before April 2019. In order to minimise any disruption in the transitional period it is probable that the new arrangements would start, and the existing arrangements end, on a date that aligns with the current accounting periods of 1 April and 1 October.
HMRC is consulting until 4 June 2018 on three options for changing the current 6-month accounting period for gaming duty. The government announced at Autumn Budget 2017 its intention to consult on bringing the administration of gaming duty more into line with the other gambling duties.
HMRC is consulting until 4 June 2018 on three options for changing the current 6-month accounting period for gaming duty. The government announced at Autumn Budget 2017 its intention to consult on bringing the administration of gaming duty more into line with the other gambling duties.
The government’s preferred option would be a 3-month accounting period, removing the requirement to make payments on account and allowing carry-forward of losses between periods.
The second option would involve a 6-month period, also without payments on account and allowing carry-forward of losses.
The third option, involving a 12-month accounting period, would retain payments on account and have no provision for carry-forward of losses.
The government states that any changes arising from the consultation are unlikely to be implemented before April 2019. In order to minimise any disruption in the transitional period it is probable that the new arrangements would start, and the existing arrangements end, on a date that aligns with the current accounting periods of 1 April and 1 October.
