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.