Healey Funds High Street Tax Cuts with Raid on Gambling Firms
The package will exempt 110,000 firms from business rates next year and bring in more revenue from gambling taxes and online sales VAT collection.
- On Wednesday, Chancellor John Healey delivered the first budget under Prime Minister Andy Burnham, announcing Machine Games Duty will rise from 20% to 25% starting next April.
- The Betting and Gaming Council, an industry lobby group, warned that previous tax hikes caused detrimental consequences, with analysis suggesting doubling duty could lead to 1,470 betting shop closures and 15,900 job losses.
- To support high streets, the Government will increase the threshold for 100% small business rates relief from £12,000 to £18,000, while requiring online marketplaces to collect VAT on UK business sales exceeding £90,000 from next October.
- Shares in Mecca Bingo and Grosvenor Casinos owner Rank jumped 11% and Ladbrokes group Entain rose 5%, though Chief Executive Stella David called the duty hike "another disappointing decision."
- Treasury calculations project the machine games duty will boost tax coffers by £135 million in 2027-28, peaking at £150 million in 2028-29, while the online marketplace sales tax crackdown is expected to generate £320 million by 2028-29.
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British horse racing 'significantly damaged' by John Healey's Budget as sport set to suffer
British horse racing will be "significantly damaged" by John Healey's Budget as the sport is set to suffer following the raising of the rate to Machine Games Duty.The sport is expected to lose around £57million a year on the back of the Chancellor's decision, which could have major implications for the future of the sport.British Horseracing Authority (BHA) chief executive Brant Dunshea issued a statement after Healey's Budget, explaining how th…
Healey funds high street tax cuts with raid on gambling firms
The government will fund tax breaks for small high street shops by hiking taxes on gambling and cracking down on online sellers, John Healey said. In his first Budget, the Chancellor said he will slash taxes on the high street by raising the threshold at which small firms start paying business rates from £12,000 to [...]
Budget 2026: High street support as gambling firms pay price
Chancellor John Healey has unveiled further support for Britain’s embattled high streets, with plans to pay for it by hitting gambling firms with more tax hikes and launching an online sales tax crackdown. Gambling firms will see duty on machine games with stakes over £1 rise from 20 per cent to…
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