It won’t necessarily be double duty payments for Isle of Man-based online gambling operators as the British dependency is offering relief to its online operators from Britain’s point of consumption tax on online gambling.
The relief allows the 56 licensed online operators on the Isle to claim relief for the British tax up to the equivalent that would have been paid to the Isle of Man Treasury on the same wagering.
“We recognize the burden that the new UK tax will place on our licensed operators and while we are not legally bound to offer this relief we have decided that this is the best approach,” said Peter Greenhill, chief executive for e-Gaming development with the Isle of Man Department of Economic Development
Earlier this year, the Isle of Man Treasury announced an agreement with the UK that that Isle of Man-based companies would not be required to appoint a UK representative to handle tax issues.
“This decision provides reassurance to Isle of Man license holders so that they can continue to run their operations from data centers on the Isle of Man and base their decision making capabilities here as well so as to protect against any future claims under base erosion and profit shifting,” Greenhill said.
