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Finance Act 1970

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This is the original version (as it was originally enacted).

1Alteration of general betting duty and repeal of betting premises licence duty

(1)The general betting duty in respect of any bet made on or after 27th April 1970 shall—

(a)if it is an on-course bet, be of an amount equal to 5. per cent, of the amount staked, and

(b)if it is not an on-course bet, be of an amount equal to 6. per cent, of the amount staked.

(2)Where it is shown to the satisfaction of the Commissioners that a bookmaker has laid off the whole or any part of an on-course bet made with him by making an on-course bet (in this subsection called a " hedging " bet), being a dutiable bet made in the course of the same meeting, and on the same contingency, as the first-mentioned bet, and that both the bookmaker making, and the person accepting, the hedging bet have complied with such conditions as the Commissioners think fit to impose for the protection of the revenue, the first-mentioned bet shall, up to the amount staked by the hedging bet, be exempt from general betting duty, and the Commissioners shall remit or repay duty accordingly. In giving relief under this subsection, in no circumstances may any part of the amount staked by a hedging bet be brought into account more than once. This subsection applies to bets made on or after 27th April 1970.

(3)In this section an " on-course bet" means a bet made in the course of a meeting—

(a)with a bookmaker present at the meeting, or

(b)by means of a totalisator situated on premises forming part of the track,

where—

(i)the person making the bet (that is to say the person originating the bet and not any agent or intermediary) is present at the meeting, or

(ii)the bet is made by a person carrying on a bookmaking business acting as a principal (and not acting as agent for, or on behalf of, some other person).

(4)For the purposes of this section—

(a)" dutiable bet" means a bet to which section 12(1) of the Finance Act 1966 (application of general betting duty) applies,

(b)" meeting" means any occasion on any one day on which events take place on any track,

(c)expressions defined by section 15(6) of the Finance Act 1966 shall have the same meanings in this section.

(5)As from 27th April 1970 section 2(4) of the Finance Act 1969 (betting premises licence for off-course betting) shall cease to have effect.

(6)On application made to the proper officer in respect of a betting premises licence for a period falling partly after 27th April 1970 the duty paid or payable on the licence shall, subject to subsection (7) below, be repaid or remitted to the following extent—

(a)five-twelfths of the duty on the licence, if the period of validity of the licence began before 1st January 1970,

(b)five-ninths of the duty on the licence, if the period of validity of the licence began in 1970, but before 1st April 1970,

(c)five-sixths of the duty on the licence, if the period of validity of the licence began after 31st March 1970,

and any amount so repayable shall be paid to the person who is the holder of the licence on 27th April 1970.

(7)If, under arrangements made by the Commissioners, the holder of a betting premises licence was allowed to pay the duty on the licence by twelve monthly instalments payable on the first day of each month, subsection (6) above shall not apply, but all duty first becoming payable under the arrangements after April 1970 shall be remitted.

(8)Where subsection (6) or subsection (7) above applies, the amount of any penalty under paragraph 9(a), and the amount of any duty on a licence under paragraph 9(b), of Schedule 8 to the Finance Act 1969 shall be adjusted accordingly.

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