Part 3Trading income

Chapter 9Trade profits: other specific trades

Companies liable to pool betting duty

138Payments by companies liable to pool betting duty

1

This section applies for the purpose of calculating the profits of a trade if—

a

the company carrying on the trade is liable to pool betting duty,

b

there is a reduction in that duty, and

c

the company makes a qualifying payment in consequence of that reduction.

2

A qualifying payment is one—

a

made in order to meet (directly or indirectly) capital expenditure incurred by any person in improving the safety or comfort of spectators at a ground to be used for the playing of association football, or

b

made to trustees established mainly for the support of athletic sports or athletic games but with power to support the arts.

3

A deduction is allowed for the qualifying payment.