Tuesday, November 30, 2021

Tag: Treasury

Reduced VAT petition gains over 2,000 signatures

Reduced VAT petition gains over 2000 signatures
A petition calling on the Chancellor to retain the current 12.5 percent VAT rate for the hospitality industry beyond its April deadline has gathered more than 2,000 signatures.

BBPA make Treasury demands ahead of Budget

BBPA treasury demands ahead of budget
The British Beer and Pub Association has held a “very productive” meeting with the Treasury ahead of the 27 October Budget, highlighting the £26bn contributed by the sector annually.

Comment: Why is our profile so lack lustre? / Marcus Boyle Gambling Commission

Marcus Boyle Gambling Commission appointment
The appointment of Marcus Boyle to the post of Gambling Commission chair will blow like a breeze of fresh air around the industry.

Showmen call on the Treasury to extend reduced VAT on ticket and food-sales

showmen VAT lobbying
The Showmen’s Guild has renewed parliamentary lobbying through the APPG on Fairs and Showgrounds, sending a letter to the government to extend the reduced 5 percent VAT rate beyond mid-September.

Bacta numbers show industry “now running on fumes,” says White

John White Bacta Industry running on fumes
Bacta has released the results of a recent survey which it argues lay out in painful detail just how high ongoing business costs continue to be for its membership, accompanied by a “drastic loss of revenue” which it says are “driving businesses to the brink

Bacta to government: Just give us a timeline

Bacta to Government Just give us a timeline seaside amusement closed
With the UK’s vaccine programme now in full-swing, Bacta’s chief executive John White has argued that the government should treat amusement stakeholders “like grown ups” - by giving them some idea when they might expect to welcome back customers.

Brexit has paved the way for an increase in contactless spend to £100

contactless payment increase
The UK’s withdrawal from the European Union, could accelerate both the value and the volume of contactless transactions, confirming that cash is on the way out and underlining further the importance to both the industry and machine players of securing the ability to provide alternative and modern payment methods.

Treasury dedicates additional £4.6bn to support business through to spring

Rishi Sunak lockdown treasury
Chancellor Rishi Sunak said the new round of funding - targeted in the main to the hospitality sector - would help UK business “get through the months ahead,” just as Downing Street announced that lockdown would likely last for months, not weeks. But, as the presumed heir to the Tory crown will hear over the comings days, more will be needed by the hospitality sector

Treasury statistics show true extent of damage to gambling economy

HMRC Gambling income statistics
According to government numbers, taxable gambling income has shrunk 8 per cent overall throughout the year with machine revenue cut almost clear in half nationwide and near eradicated entirely within landed bingo venues.

Treasury tells banks to protect access to cash

Cash payments ATMs
The Treasury has instructed the clearing banks to come up with a set of proposals to ensure that cash remains available nationwide.

Treasury announces grants for businesses in local lockdowns

local lockdown grants
The Treasury has confirmed that new grants, worth up to £1,500 every three weeks, will be available for businesses affected by any local lockdowns

Cut VAT on beer, pleads pub sector

BBPA Beer VAT cut call
In addition to sounding the alarm that over a third of its members were struggling to break even, this week has also seen the BBPA call upon the Treasury to extend its VAT cut on food in pubs to include beer as well.

RGD increase boosts 2019 tax revenues

RGD increases boost Tax revenues
A substantial decline in Machine Game Duty paid to HMRC last tax year was offset by a surge in Remote Game Duty - with tax on digital provides up by more than a third.

Chancellor vows to do “whatever it takes” in anti-viral Budget

Budget Rishi Sunak
Pubs celebrated both a freeze on beer duty and a temporary suspension of business rates in Rishi Sunak’s Budget 2020, but critics have argued its pro-business measures don’t go far enough to counter the financial impact of COVID-19.

Machine Gaming Duties slump by a quarter in tax year to-date

HMRC Machine Gaming Duty
In the first financial report to be released since FOBT stake limits were slashed to £2, Her Majesty’s Revenue and Customs has seen a 24.3 percent reduction in its year-to-date Machine Gaming Duty..

Bacta heralds “sigh of relief” for arcades at 2p Treasury ruling

John White Bacta Treasury Ruling
Bacta chief executive John White said the decision to keep copper coins would aid arcades in their role as the “engine rooms” of the coast

1p and 2p coins safe “for years to come” says Hammond

Verdict Pyx ceremony coins royal mint
The Treasury has ruled not to abolish low denomination coins, alongside a promise to form a new body overseeing continued cash-access throughout the land.

Hammond to grant copper pieces a reprieve?

Hammond copper pieces reprieve
The conclusion of a Treasury consultation process is this week expected to rule out the prospect of withdrawing copper coins from the British...

Pushers’ future safe as Treasury confirms 2p coin will stay

Two pence safe
Britain’s 2 pence coin is safe. The Treasury has ensured the coin’s role in everyday currency and in so doing handed a lifeline to the quintessential symbol of seaside traditions - the pusher machine. The long-term future of the pusher has been saved after the government confirmed it is abandoning plans to get rid of the 2p coin. Last weekend the...

FOBT delay costs Treasury money, says latest research

Coinslot HM Treasury
The Government is set to lose money by delaying implementation of a £2 stake on Fixed-odds betting terminals (FOBTs), new research suggests. Analysis from Cebr shows that a two-year delay in implementation of the new stake limit, announced in May, not only has a social cost, but could see the Exchequer miss out on an annual revenue boost of up...

Tourism VAT cut would be “revenue neutral” by third year

Coinslot HM Treasury
While the industry would benefit immediately, the Treasury would only have to wait three years to start seeing a profit from cutting tourism VAT, according to the Cut Tourism VAT campaign that wants to see the 20 percent figure slashed to five percent. A cut to the VAT charged on tourism related products would be revenue neutral by the third...

Government reconsidering beer duty freeze

Houses of Parliament
In what would represent a potentially damaging u-turn on policy, the government is considering scrapping the beer duty freeze it introduced only last year. It has been reported that the Treasury is looking to free up £200m from raising the duty on beer as it looks to find alternative means to finance further spending plans. Brigid Simmonds, chief executive of the...

Copper coins are going nowhere, says treasury

copper coins
Copper coins are about more than just money according to executive secretary to the Treasury, Robert Jenrick as he pledged to preserve Britain’s historic pennies amidst misplaced calls for them to be scrapped. They say that if you look after the pennies the pounds look after themselves and this has been echoed by Britain’s treasury. The classic symbols of British...

Treasury try to stem momentum on £2 FOBT stake

Treasury FOBT stake
As one would expect with the tumultuous debate over FOBTS, as the picture gets clearer, the mist swoops in to cloud the vision. When you thought it was impossible to halt the £2 maximum stake momentum, the Chancellor has, according to newspaper reports, stepped in to stop the surge. Money, surprise, surprise, sits at the very heart of the...

Pre-Triennial treasury signal? Economic argument for FOBT maximum stakes dismissed

As the industry awaits the Triennial Review consultation document, expected before the end of October, analysts have labeled treasury secretary Chris Philip MP’s recent support for a £2 maximum stake as “particularly significant”.   Hammond’s backing came in the form of a ResPublica report recommending a £2 maximum stake, along with speculation on how much influence the conservative minister holds within...

FOBT review to go ahead, following CoE intervention

Coinslot chancellor Autumn Statement Philip Hammond REVIEW
Just when low stake gaming operators thought fixed-odds betting terminals (FOBTs) may survive in their current state after the Treasury allegedly sought to scrap a government review on the machines, chancellor Philip Hammond has backed down following criticism from the Church of England.   FOBTs have long been a concern for the church and anti-FOBT campaigners, who want want the stakes...

Osborne planned 2p removal and a move to a cashless society by 2020

Coinslot - Osborne 2p
George Osborne previously attempted to scrap the 1p and 2p pieces in 2015 in a move towards “modernising” society but the change was blocked by David Cameron.   Former chancellor of the exchequer George Osborne came within weeks of announcing plans to take 1p and 2p pieces out of circulation - in a move that would have meant enormous consequences for...

New one pound coin to enter circulation in March

Coinslot Cash Handling New Pound Coin Astrosystems
Bad puns aside, operators have just over three months to prepare their amusement and gaming machines for the arrival of a new quid on the block. The new 12-sided £1 coin will enter circulation on 28 March and its predecessor will be withdrawn by mid-October, the Treasury has announced. With three months to go, the government has launched a campaign to...

Businesses urged to get ready for new £1 coin

A new campaign has been launched to support retailers and other major businesses in preparation for the new £1 coin. Supporting the ‘Is your business ready?’ campaign is a new website, providing businesses with materials to help with the currency switch in March next year. David Gauke, the chief secretary to the treasury, said: “The pound as we know it...