(1)In section 7(1) of the [1981 c. 63] Betting and Gaming Duties Act 1981 (rate of pool betting duty), for “26.50 per cent.” there shall be substituted “17.50 per cent.”
(2)This section has effect in relation to bets the stake money on which is or has been paid on or after 28th March 1999.
(1)For the Table in section 11(2) of the [1997 c. 16] Finance Act 1997 (rates of gaming duty) there shall be substituted—
| Part of gross gaming yield | Rate |
|---|---|
| The first £462,500 | 2½ per cent. |
| The next £1,027,500 | 12½ per cent. |
| The next £1,027,500 | 20 per cent. |
| The next £1,798,500 | 30 per cent. |
| The remainder | 40 per cent.” |
(2)This section has effect in relation to accounting periods beginning on or after 1st April 1999.