7Rates of gaming duty
(1)For the Table in section 11(2) of the [1997 c. 16] Finance Act 1997 (rates of gaming duty) there shall be substituted—
“Table
| Part of gross gaming yield | Rate |
|---|---|
| The first £462,500 | 2½ per cent. |
| The next £1,027,500 | 12½ per cent. |
| The next £1,027,500 | 20 per cent. |
| The next £1,798,500 | 30 per cent. |
| The remainder | 40 per cent.” |
(2)This section has effect in relation to accounting periods beginning on or after 1st April 1999.