Section 127 — Finance Act 2014: General betting duty charge on general bets

General betting duty charge on general bets 127 1 General betting duty is charged on a general bet made with a bookmaker.

2 It is charged at the rate of 15% of the bookmaker's profits on general bets for an accounting period.

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

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

and b the amount of the bookmaker's retained winnings profits for the period in respect of general 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 general 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 general bets for one or more later accounting periods.