PART 3General betting duty, pool betting duty and remote gaming duty

CHAPTER 1General betting duty

General and spread bets

129General betting duty charge on financial spread bets

1

General betting duty is charged on a financial spread bet made with a bookmaker who is in the United Kingdom.

2

It is charged at the rate of 3% of the bookmaker's profits on financial spread bets for an accounting period.

3

The bookmaker's profits on financial spread bets for an accounting period are the aggregate of—

a

the amount of the bookmaker's ordinary profits for the period in respect of financial spread bets (calculated in accordance with section 131), and

b

the amount of the bookmaker's retained winnings profits for the period in respect of financial spread bets (calculated in accordance with section 132).

4

Where the calculation for an accounting period under subsection (3) produces a negative amount—

a

the bookmaker's profits on financial spread bets for the accounting period are treated as nil, and

b

the amount produced by the calculation may be carried forward in reduction of the bookmaker's profits on financial spread bets for one or more later accounting periods.