Section 135 — Finance Act 2014: General betting duty charge on Chapter 1 pool bets

General betting duty charge on Chapter 1 pool bets 135 1 General betting duty is charged on a Chapter 1 pool bet made with a bookmaker.

2 It is charged at the rate of 15% of the bookmaker's profits on Chapter 1 pool bets for an accounting period.

3 The bookmaker's profits on Chapter 1 pool bets for an accounting period are the aggregate of—

a the amount of the bookmaker's profits for the period in respect of pooled stake Chapter 1 pool bets (calculated in accordance with section 136),

and b the amount of the bookmaker's profits for the period in respect of ordinary Chapter 1 pool bets (calculated in accordance with section 137),

and c the amount of the bookmaker's profits for the period in respect of retained winnings on Chapter 1 pool bets (calculated in accordance with section 138).

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

a the bookmaker's profits on Chapter 1 pool 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 Chapter 1 pool bets for one or more later accounting periods.