Section 130 — Finance Act 2014: General betting duty charge on non-financial spread bets

General betting duty charge on non-financial spread bets 130 1 General betting duty is charged on a non-financial spread bet made with a bookmaker who is in the United Kingdom.

2 It is charged at the rate of 10% of the bookmaker's profits on non-financial spread bets for an accounting period.

3 The bookmaker's profits on non-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 non-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 non-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 non-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 non-financial spread bets for one or more later accounting periods.