(1)A duty of excise, to be known as bingo duty, shall be charged—
(a)on the playing of bingo in the United Kingdom, and
(b)at the rate of 15 per cent of a person’s bingo promotion profits for an accounting period.
(2)Subsection (1) is subject to the exemptions specified in Part 1 of Schedule 3 to this Act.
(3)The amount of a person’s bingo promotion profits for an accounting period is—
(a)the amount of the person’s bingo receipts for the period (calculated in accordance with section 19), minus
(b)the amount of his expenditure on bingo winnings for the period (calculated in accordance with section 20).
(4)Bingo duty charged in respect of a person’s bingo promotion profits shall be paid by him.
(5)Where the amount that would be charged in respect of a person’s bingo promotion profits for an accounting period is less than £1, no duty shall be charged.]
Textual Amendments
F1Ss. 17-20C substituted (with effect as mentioned in s. 9(10) of the amending Act) for ss. 17-20 by Finance Act 2003 (c. 14), s. 9(1)