Section 149 — Finance Act 2014: Chapter 2: winnings

Chapter 2: winnings 149 1 Only winnings in the form of money are to be taken into account when determining for the purposes of this Chapter what are winnings on a bet.

2 For those purposes, winnings on a bet include—

a the return of a stake on the bet, and b any winnings on the bet held in an account for a person (“P”) if P is notified that the amount is being held in the account and may be withdrawn by P on demand.

3 Winnings on a bet for which no stake money fell due are to be ignored for the purposes of any calculation under this Chapter.

4 The Commissioners may by regulations make provision as to when, for the purposes of any calculation under this Chapter—

a winnings are to be treated as paid or provided, and b expenditure on winnings is to be treated as incurred.