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Betting and Gaming Duties Act 1981
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- UK Public General Acts
- 1981 c. 63
- SCHEDULE A1
- Notional foreign liability
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Changes over time for: Cross Heading: Notional foreign liability
Version Superseded: 01/12/2014
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- 17/07/2012- Amendment
- 17/07/2012
Point in time - 01/12/2014- Amendment
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Point in time view as at 17/07/2012.
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There are currently no known outstanding effects for the Betting and Gaming Duties Act 1981, Cross Heading: Notional foreign liability.
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[F1Notional foreign liabilityU.K.
Textual Amendments
F1Sch. A1 inserted (with effect in accordance with Sch. 25 para. 12 of the amending Act) by Finance Act 2012 (c. 14), Sch. 25 para. 7
5U.K.The notional foreign liability for an accounting period is calculated as follows—
Step 1 Calculate the amount of qualifying foreign tax that would be payable by P for the accounting period if the tax were charged solely in respect of eligible bets and accounted for by reference to periods corresponding to P's accounting periods.
Any apportionment needed for this calculation is to be done on a just and reasonable basis.
If the law under which the qualifying foreign tax is imposed provides for losses to be carried forward, do not carry forward to the period any losses (in respect of eligible bets) that arose before the start of the reconciliation period.
Step 2 If the amount calculated under Step 1 is nil, the notional foreign liability for the period is nil.
Otherwise, calculate the sterling equivalent of the amount calculated under Step 1. The result is the notional foreign liability for the period.
The sterling equivalent is to be calculated using the London closing exchange rate for the last day of the accounting period.]
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