(1)This section applies to any payment which, in consequence of the reduction in pool betting duty effected by section 5 above, is made—
(a)by a person liable to pay that duty, and
(b)to trustees established mainly for the support of athletic sports or athletic games but with power to support the arts.
(2)Where a person carrying on a trade makes a payment to which this section applies, the payment may be deducted in computing for tax purposes the [F1profits] of the trade.
(3)A payment to which this section applies shall not be regarded as an annual payment.
(4)Where a payment to which this section applies is made, the sum received by the trustees and any assets representing it (but not any income or gains arising from them) shall not be relevant property for the purposes of Chapter III of Part III of the M1Inheritance Tax Act 1984.
Textual Amendments
F1Words in s. 121(2) substituted (31.7.1998) by 1998 c. 36, s. 46(3), Sch. 7 para. 6
Marginal Citations