Pool betting duty
Pool betting duty will come within the realm of the new penalty regime for returns furnished on or after 26 September 2010 following the introduction of new pool betting duty regulations.
The new penalty regime was designed to make penalties simpler to understand and more consistent across the taxes. This move puts pool betting duty on a par with most other taxes under the remit of HMRC.
HMRC have also introduced the option of a quarterly accounting period. This will allow qualifying pool betting holders the option of completing one return per quarter instead of one a month.
These changes should reduce the administrative burden for qualifying pool betting holders. In addition, they may secure a cash flow advantage as a result of making quarterly rather than monthly duty payments.