Part II Gaming Duties
Bingo duty
F120BCarrying losses forward
(1)
Where the calculation of a person’s bingo promotion profits for an accounting period results in a negative amount (“the loss”)—
(a)
no bingo duty shall be chargeable in respect of that accounting period, and
(b)
for the purpose of section 17(3), the amount of the person’s expenditure on bingo winnings for the next accounting period shall be increased by the amount of the loss.
(2)
Subsection (1) applies to an accounting period whether or not the loss results wholly or partly from the previous application of that subsection.