BIM51251 - Particular trades: bookmakers

Betting, Gaming and Lotteries Act 1963

The contribution payable by a bookmaker to the Horserace Betting Levy Board under the Betting, Gaming and Lotteries Act 1963 (see BIM58801) should be allowed as a deduction in computing his trade profits for tax purposes. The contribution is payable in respect of a levy period which is defined as ‘a period of twelve months beginning with the first day of April in each year’.