Section 11 — Finance Act 2003: Amusement machines: use of currencies other than sterling

Amusement machines: use of currencies other than sterling 11 1 In section 26 of the Betting and Gaming Duties Act 1981 (c. 63) (interpretation etc ), omit the definition of “coin” in subsection (2).

2 After that section insert— Amounts in currencies other than sterling 26A 1 Any reference in this Part of this Act to a amount in sterling, in the context of—

a the cost of playing a game, or b the amount of the prize for a game, includes a reference to the equivalent amount in another currency.

2 The equivalent amount in another currency, in relation to any day, shall be determined by reference to the London closing exchange rate for the previous day.

3 For the purposes of determining what duty is payable on an amusement machine licence in a case where this section applies, the equivalent in another currency of an amount in sterling shall be taken to be its equivalent on the day on which the application for the licence is received by the Commissioners, or the due date in the case of a default licence.

4 In subsection (3) above— “ default licence ” means a licence granted under paragraph 3(1) of Schedule 4A to this Act; “ due date ” has the meaning given by paragraph 2(4) of that Schedule. .

3 This section does not apply in relation to any amusement machine licence granted before the day on which this Act is passed or to anything done under such a licence.