Betting and Gaming Duties Act 1981

[F1 8 (1) Sub-paragraphs (2) to (4) apply if any of the following events take place— U.K.

(a) the way in which a qualifying foreign tax is charged or calculated is changed retrospectively,

(b) a tax authority waives or refunds all or part of an amount of qualifying foreign tax due from P, or

(c) as a result of being liable to pay an amount of qualifying foreign tax, P or a connected person is entitled to any kind of tax deduction or relief calculated by reference to the amount of qualifying foreign tax.

(2) P must notify the Commissioners of the event on becoming aware of it.

(3) If the event is a retrospective change in the way in which the qualifying foreign tax is charged or calculated, the amount for which credit is allowed under section 5E or 8ZA is to be recalculated in accordance with this Schedule.

(4) In any other case, the amount for which credit is allowed under section 5E or 8ZA is to be reduced by a just and reasonable sum to reflect the amount of tax waived or refunded or the deduction or relief given.

(5) If it transpires (on account of this paragraph or otherwise) that a repayment or part of a repayment under section 5E or 8ZA should not have been made, P is liable for the amount that should not have been repaid, as if it were unpaid general betting duty or, as the case may be, pool betting duty.

(6) Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of sub-paragraph (1)(c).]

Textual Amendments

F1 Sch. 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