PART 3General betting duty, pool betting duty and remote gaming duty
CHAPTER 1General betting duty
General and spread bets
127General betting duty charge on general bets
1
General betting duty is charged on a general bet made with a bookmaker.
2
It is charged at the rate of 15% of the bookmaker's profits on general bets for an accounting period.
3
The bookmaker's profits on general bets for an accounting period are the aggregate of—
a
the amount of the bookmaker's ordinary profits for the period in respect of general bets (calculated in accordance with section 131), and
b
the amount of the bookmaker's retained winnings profits for the period in respect of general 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 general 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 general bets for one or more later accounting periods.