(This note is not part of the Regulations)
These Regulations amend regulation 5 of the Gaming Duty Regulations 1997 (S.I. 1997/2196) which deals with the amount of payments on account. They substitute a new Table reflecting changes to the bands of gross gaming yield for gaming duty made by section 121 of the Finance Act 2014 (c.26)(1), and will apply in the case of payments on account of gaming duty for any quarter that ends on or after 31st October 2014.
The parts of the gross gaming yield in the Table are half the value of the new bands of gross gaming yield shown in section 121 of the Finance Act 2014. This is because the period covered is the first three months of a six month accounting period.
A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.
Section 121 amends section 11(2) of the Finance Act 1997, which specifies which parts of the gross gaming yield are to be subject to gaming duty rates of 15, 20, 30, 40 and 50 per cent.