Alderney Gambling, the eCommerce development division of the leading eGambling jurisdiction, held an important industry seminar this week on the implications of the UK Budget announcement with regard to proposed changes to UK VAT legislation. The exclusive meeting was hosted at the Hilton London Metropole Hotel and featured a presentation from Dougie Todd, BDO VAT Director (Betting and Gaming Unit).
The occasion was an opportunity to discuss the 'Use and Enjoyment' provisions which featured in the recent UK Budget announcement and which may impact on the irrecoverable VAT suffered by VAT-exempt businesses based outside the UK, if introduced. It is likely that a consultation process will be conducted in advance of implementing any changes.
Alderney's Director of eCommerce, Susan O'Leary says it was a great opportunity to discuss potential risks and allay a few fears with key industry stakeholders:
"Alderney has always been a very cost-effective base for eGambling operators who benefit from the most competitive fiscal environment. As a world-leading jurisdiction it is important to us to employ best-practice and explore any potential changes to our unique position.
"It is not certain that any changes will be made to existing 'Use and Enjoyment' rules that could have an impact on operators licensed in Alderney. If changes are to be introduced, then the process will likely take a number of years. Furthermore, we believe this period of time will allow businesses significant opportunities for growth.
"The best advice we can give to operators considering taking advantage of what Alderney and Guernsey offer is to be compliant and plan ahead."