Section 122: Rate of Bingo Duty
Summary
1.This section provides for a reduction in the rate of bingo duty for accounting periods beginning on or after 30 June 2014.
Details of the Section
2.Subsection (1) reduces the rate of bingo duty in section 17(1)(b) of the Betting and Gaming Duties Act 1981 from 20 per cent to 10 per cent.
3.Subsection (2) provides that this has effect in relation to bingo duty accounting periods beginning on or after 30 June 2014.
Background Note
4.Bingo duty is currently charged at the rate of 20 per cent of a person's bingo promotion profits for an accounting period. The amount of a person's bingo promotions profits is the amount of bingo receipts minus the amount of expenditure on bingo winnings. This amendment reduces the rate to 10 per cent.