Finance Bill 2002: EXPLANATORY NOTE
CLAUSE 13: GENERAL BETTING DUTY (SPREAD BETS)
SUMMARY
1. Clause 13 substitutes a new definition of a 'spread bet? for the current definition. The change is necessary because the now repealed Financial Services Act 1986 has been replaced by the Financial Services and Markets Act 2000. The change comes into force with effect from the day immediately following Royal Assent.
DETAILS OF THE CLAUSE
2. Subsection (1) provides for a new definition of a 'spread bet? that contains a reference to section 412 of the Financial Services and Markets Act 2000 instead of a reference to the now repealed section 63 of the Financial Services Act 1986.
3. Subsection (2) states the change will be introduced the day following Royal Assent.
BACKGROUND
4. The Betting and Gaming Duties Act 1981 currently relies upon the Financial Services Act 1986 for its definition of a 'spread bet?. The Financial Services Act 1986 has now been repealed and replaced by the Financial Services and Markets Act 2000.
5. The change to the Betting and Gaming Duties Act 1981 is required to take account of this legislative change. The change has no revenue impact.