Part I Betting Duties

General betting duty

F13 Bookmakers: spread bets

1

General betting duty shall be charged on a spread bet made with a bookmaker who—

a

is in the United Kingdom, and

b

holds a bookmaker’s permit.

2

A bet is a spread bet if it constitutes a contract to which section 63 of the Financial Services Act 1986 applies by virtue of paragraphs 9 and 12 of Schedule 1 to that Act (gaming contracts: investments).

3

The amount of duty charged under subsection (1) in respect of spread bets made with a bookmaker in an accounting period shall be—

a

3 per cent. of the amount of his net stake receipts in respect of financial spread bets for that period (if any), plus

b

10 per cent. of the amount of his net stake receipts in respect of other spread bets for that period (if any).

4

A “financial spread bet” is a spread bet the subject of which is a financial matter.

5

The Commissioners may by order provide that a specified matter—

a

shall be treated as a financial matter for the purpose of subsection (4), or

b

shall not be treated as a financial matter for that purpose.