Horse racing in Great Britain On 6 October 2001, the Government abolished the turnover-based tax on betting, which had been 9% of the stake or the winnings, the punter having the choice to pay a certain small amount or an uncertain large amount. The tax, now based on gross profit, is now effectively indirectly levied on the punters, the cost being absorbed in the odds that bookmakers offer. The last 10 years in the UK has seen massive growth in online gambling. Punters are now going online to place their bets, where technology gives them access to a greater wealth of information and knowledge. Now
Inheritance Tax in the United Kingdom Inheritance Tax in the United Kingdom In the United Kingdom, Inheritance Tax is a transfer tax. It was introduced with effect from 18 March 1986, replacing Capital Transfer Tax. Prior to the introduction of Estate Duty by the Finance Act 1894, there was a complex system of different taxes relating to the inheritance of property, that applied to either realty (land) or personalty (other personal property): In 1894, estate duty replaced probate duty, account duty, certain additional succession duties, and temporary estate duty. Legacy duty and succession duty were later abolished by the Finance Act 1949, followed by the abolition