Below is the text of Mr Major's written Parliamentary Answer on Pool Betting Duty on 24th May 1990.
Mr. Knapman To ask the Chancellor of the Exchequer when he will cut pool betting duty from 42.5 per cent. to 40 per cent. as proposed in his Budget statement; and if he will make a statement.
Mr. Major In my Budget statement I proposed reducing the rate of pool betting duty from 42.5 per cent. to 40 per cent., subject to review after five years, on condition that the benefit of the reduction is transferred to the Football Trust for use in implementing Lord Justice Taylor's recommendations for improving comfort and safety for football spectators.
I am glad to say that the Football Trust, the pool promoters and football authorities have entered into binding arrangements which will ensure payment by the pool promoters of the whole of the duty reduction to the Football Trust, for use on capital works at Football League and Scottish Football League grounds and the three national stadiums -
The Football Trust has undertaken to account separately for the moneys made available to it by the reduction in pool betting duty; and to produce an annual statement of this separate account, to be audited by an independent auditor whose report will be made available to Government.
We will be introducing a new clause on the Report stage of the Finance Bill seeking to reduce the duty with effect from 28 May 1990.