(1)A person’s expenditure on bingo winnings for an accounting period is the aggregate of the values of prizes provided by him in that period by way of winnings at bingo promoted by him.
(2)Where a prize is obtained by the promoter from a person not connected with him, the cost to the promoter shall be treated as the value of the prize for the purpose of subsection (1).
(3)Where a prize is a voucher which—
(a)may be used in place of money as whole or partial payment for benefits of a specified kind obtained from a specified person,
(b)specifies an amount as the sum or maximum sum in place of which the voucher may be used, and
(c)does not fall within subsection (2),
the specified amount is the value of the voucher for the purpose of subsection (1).
(4)Where a prize is a voucher (whether or not it falls within subsection (2)) it shall be treated as having no value for the purpose of subsection (1) if—
(a)it does not satisfy subsection (3)(a) and (b), or
(b)its use as described in subsection (3)(a) is subject to a specified restriction, condition or limitation which may make the value of the voucher to the recipient significantly less than the amount mentioned in subsection (3)(b).
(5)In the case of a prize which—
(a)is neither money nor a voucher, and
(b)does not fall within subsection (2),
the value of the prize for the purpose of subsection (1) is—
(i)the amount which the prize would cost the promoter if obtained from a person not connected with him, or
(ii)where no amount can reasonably be determined in accordance with sub-paragraph (i), nil.
(6)For the purpose of this section—
(a)a reference to connection between two persons shall be construed in accordance with [F2section 1122 of the Corporation Tax Act 2010] (connected persons), and
(b)an amount paid by way of value added tax on the acquisition of a thing shall be treated as part of its cost (irrespective of whether or not the amount is taken into account for the purpose of a credit or refund).]
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)
F2Words in s. 20(6)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 174 (with Sch. 2)
Modifications etc. (not altering text)
C1S. 20(2)-(6)(a) applied (with modifications) (1.9.2007) by 1997 c. 16, s. 11(10A) as inserted by Finance Act 2007 (c. 11), s. 105, Sch. 25 paras. 18(3), 23; S.I. 2007/2532, art. 2