The Isle of Man has announced that it will be granting a bit of tax relief to operators serving the UK gaming market by allowing them to claim Double Duty Relief in order to avoid being double taxed on gaming operations.
The move is meant to ease the transition of gaming operators, who are now subject to taxation in the UK should they service punters there. The tax was looking to be costly for the Isle’s 56 gaming operators, who contribute 13% of the area’s GDP, so the Isle decided to help them out a bit with the Double Duty Relief.
Commenting on the matter Isle of Man Department of Economic Development, e-Gaming Division CEO Peter Greenhill said, “We recognise 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.”
“In addition, the Isle of Man’s positive relationship with the UK’s HM Revenue and Customs means that our operators will not have to appoint a fiscal representative in the UK, thereby saving them substantial costs.”
“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.”