Healey accused of 'robbing Peter to pay Paul' as he launches £300m raid on entrepreneurs to fund fresh tax break for founders
Healey announced a lower rate of capital gains tax for creators of start-ups, while increasing how much is paid by owners of established businesses who cash out.
The gambling sector has criticized Chancellor Jeremy Healey's proposed tax increase for the betting industry, warning that it could lead to significant job losses and closures. The proposed tax, which would raise the Machine Games Duty from 20 to 25 per cent in April 2027, has been met with concern from industry leaders and campaigners.
The Betting and Gaming Council (BGC) estimated that nearly 1,000 betting shops and casinos could be at risk of closure due to the higher tax burden. Despite the industry's concerns, shares in major betting companies like Entain, Rank Group, and Evoke rose following the announcement, as investors welcomed the smaller-than-expected tax hike.
Healey defended the increase, stating that it would fund business rates relief and provide funds for other initiatives. However, the BGC remains skeptical, warning that the tax increase could push customers towards unregulated gambling sites and potentially increase the overall social costs associated with gambling.
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