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Finance Act 2014

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This is the original version (as it was originally enacted).

130General betting duty charge on non-financial spread bets
This section has no associated Explanatory Notes

(1)General betting duty is charged on a non-financial spread bet made with a bookmaker who is in the United Kingdom.

(2)It is charged at the rate of 10% of the bookmaker’s profits on non-financial spread bets for an accounting period.

(3)The bookmaker’s profits on non-financial spread bets for an accounting period are the aggregate of—

(a)the amount of the bookmaker’s ordinary profits for the period in respect of non-financial spread bets (calculated in accordance with section 131), and

(b)the amount of the bookmaker’s retained winnings profits for the period in respect of non-financial spread bets (calculated in accordance with section 132).

(4)Where the calculation for an accounting period under subsection (3) produces a negative amount—

(a)the bookmaker’s profits on non-financial spread bets for the accounting period are treated as nil, and

(b)the amount produced by the calculation may be carried forward in reduction of the bookmaker’s profits on non-financial spread bets for one or more later accounting periods.

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