Isle of Man Responds to UK’s New Point of Consumption Tax
On Monday the 1st of December, the UK government implemented a new point of consumption tax for online gambling sites operating in their country. The Isle of Man’s e-gaming regulation and licensing department have since released a statement regarding the matter.
They believe the new tax law will not overly affect their business as the majority of operators using their license are based outside the UK. They have also noted that it does not force licensees to move their companies in the UK, or require them to use UK based servers.
The Isle of Man has also managed to negotiate a deal with the UK Tax authorities. The deal ensures that their licensed UK facing operators do not have to hire a financial representative in the UK to pay their tax for them.