Part XXVIIIMiscellaneous

Gaming contracts

412Gaming contracts

1

No contract to which this section applies is void or unenforceable because of—

a

section 18 of the [1845 c. 109.] Gaming Act 1845, section 1 of the [1892 c. 9.] Gaming Act 1892 or Article 170 of the [S.I. 1985/1204 (N.I. 11).] Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985; or

b

any rule of the law of Scotland under which a contract by way of gaming or wagering is not legally enforceable.

2

This section applies to a contract if—

a

it is entered into by either or each party by way of business;

b

the entering into or performance of it by either party constitutes an activity of a specified kind or one which falls within a specified class of activity; and

c

it relates to an investment of a specified kind or one which falls within a specified class of investment.

3

Part II of Schedule 2 applies for the purposes of subsection (2)(c), with the references to section 22 being read as references to that subsection.

4

Nothing in Part II of Schedule 2, as applied by subsection (3), limits the power conferred by subsection (2)(c).

5

“Investment” includes any asset, right or interest.

6

“Specified” means specified in an order made by the Treasury.