The Gaming Duty (Amendment) Regulations 2011
Citation and commencement1.
These Regulations may be cited as the Gaming Duty (Amendment) Regulations 2011 and come into force on 1st October 2011.
Interpretation2.
In these Regulations “quarter” means the first three months of an accounting period.
Application and revocation3.
(1)
These Regulations apply in the case of payments on account of gaming duty for any quarter that ends on or after 31st October 2011.
(2)
The amount of payments on account4.
Part of gross gaming yield | Rate |
|---|---|
The first £1,033,500 | 15 per cent |
The next £712,500 | 20 per cent |
The next £1,248,000 | 30 per cent |
The next £2,634,000 | 40 per cent |
The remainder | 50 per cent |
The duty rates in the table are those for the first three months of each six-monthly accounting period, hence the bands represent half of the new bands of gross gaming yield shown in section 17 of the Finance Act 2011. The interim quarterly payments under these Regulations are intended to be roughly half of the expected duty liability for the six-monthly period.
In line with government commitments, a Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy and relates to routine changes to thresholds.