Clause 11 - Amusement machines: use of currencies other than sterling
Finance Bill
3:00 pm
Mr John Healey (Economic Secretary, HM Treasury; Wentworth, Labour)
Like clause 10, the clause flows from our proposed relaxation of the use of certain payment methods for play machines, following the recommendations in the White Paper, ''A Safe Bet for Success''. Therefore, in future, as well as using sterling coins and tokens, it will be possible to use bank notes, so it may be possible to use foreign currencies for play machines in the UK. The clause ensures that any dutiable amusement or gaming machine remains liable to that duty, even when it accepts payments in foreign currencies. That closes a possible loophole in the current legislation.
The hon. Member for Eddisbury (Mr. O'Brien) asked about the date on which the provision comes into effect. The date will be when the application is received. I hope that that clarification is helpful.
Like clause 10, the clause makes an administrative change only and does not place any burdens on business or consumers.
The definition is as the hon. Member for Huntingdon (Mr. Djanogly) read out. The rate is the closing price on the London market on the day prior to the day when the application is received. I hope that that helps him.