The UK Government have today reduced the unfair taxation burden on UK Bingo Halls by bringing the rate of taxation down to 10% from the previous rate of 20%. George Osborne announced the details of the reduction in Bingo Taxes as a part of his Budget Speech for the upcoming year.
The UK Bingo industry has for several years laboured under the yoke of this extra taxation. The result of this extra tax was the closure of many bingo clubs across the United Kingdom.
Bingo players should remember that it was the Labour Government who imposed the extra 5% tax in comparison to the other forms of gambling.
Ironically it is the current Tory/ Lib Dem Coalition that has reduced taxes. We say ironic as Bingo is supposedly a game for the working masses who the Labour Party purportedly represent.
How is it then that it takes a Tory-led government to cut taxes on the game.
The response from the UK Bingo industry has been immediate.
Rank who run Mecca Bingo halls across the country and online have stated that due to the decrease in taxation they are going to open up an extra 3 Bingo clubs.
The decrease in tax also means that bingo clubs set for closure will stay open. This common sense move has been portrayed as a populist measure. Who cares truth be told. It is long overdue and the right thing to do.
The reduction in tax is not a major loss, it is true that some revenue will be lost, it is also true that the new online gambling tax called Point of Consumption will more than compensate for this loss.
Add to that the fact that investment into land-based bingo means extra jobs and popularity and it all adds up to a very wise decision that will see the tax man get more cash than ever.
It also means that Bingo Operators can reinvest in their clubs and spark a new wave of bingo playing in the country.
Finally, mention must be made of the Boost Bingo campaign which has led the good fight on this issue.
Victory is at hand.