Section 138 — Finance Act 2014: Profits on retained winnings on Chapter 1 pool bets

Profits on retained winnings on Chapter 1 pool bets 138 1 The amount of a bookmaker's profits for an accounting period in respect of retained winnings on Chapter 1 pool bets is the aggregate of the amounts which cease to be qualifying amounts in the accounting period.

2 An amount is a qualifying amount for the purposes of this section if, as a result of a person (“P”) being notified as mentioned in section 140(2)(b), it has been taken into account in calculating the bookmaker's profits for any accounting period under section 136 or 137.

3 An amount ceases to be a qualifying amount for the purposes of this section if, otherwise than by virtue of being withdrawn from the account by P as mentioned in section 140(2)(b), P ceases to be entitled to withdraw it.

4 The Commissioners may by notice published by them direct that subsection (3) is not to apply in a specified case or class of cases.