§ My proposals for taxing betting and gaming have been very well received on the whole. I am grateful for the many different points of view that have been put to me; but, having thought them over, it still seems to me that my scheme represents the best way of getting a reasonable revenue yield. I propose to go ahead with the tax.
§ I believe the majority of those affected will conform to the new legislation, but I warn anyone who is thinking of evasion that the Customs and Excise are not innocents abroad in these matters. 1439 They have certainly broadened my education and will broaden the education of some who think that they may evade taxation. Bookmakers will remember that anyone who may be tempted to evade taxation may lose his licence on conviction.
§ I believe that we can rely on the co-operation of the bookmaking fraternity. They recognise that this is a moderate tax and one designed to bring in a reasonable amount of revenue. [An HON. MEMBER: "Wishful thinking."] I hope that it is not wishful thinking, because I would not like to see people believing in a foolhardy way that they will be able to escape the consequences of the tax. They will not.
§ The licence duties on gaming will come into operation on 1st October next and the general betting duty on 24th October. The rates will be as I announced on 1st March. As I have said, I estimate the gain to the Exchequer to be £8 million in the current financial year and £17 million in a full year.