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Betting and Gaming Duties Act 1981
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3Allowance for hedging bets
(1)Where it is shown to the satisfaction of the Commissioners that—
(a)a bookmaker has laid off the whole or any part of an on-course bet made with him by himself making a hedging bet, that is to say an on-course bet to which section 1(1) above applies and which is made in the course of the same meeting and on the same contingency as the first-mentioned bet; and
(b)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 on the hedging bet, be exempt from general betting duty and the Commissioners shall remit or repay duty accordingly.
(2)No relief may be given under subsection (1) above by bringing any part of the amount staked on a hedging bet into account more than once.
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