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Adjustment of unabsorbed losses between gross gaming revenue subject to tax at different rates

Casino Control (Casino Tax) Regulations 2010

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—(1) Where, for any reporting period, there are any unabsorbed losses in respect of the gross gaming revenue of a casino operator subject to the premium player tax rate, and there is any gross gaming revenue of the casino operator subject to the non-premium player tax rate, those unabsorbed losses shall be deducted against the gross gaming revenue subject to the non-premium player tax in accordance with the following provisions:(a)in the case where those unabsorbed losses do not exceed the gross gaming revenue subject to the non-premium player tax multiplied by the adjustment factor —(i)that gross gaming revenue shall be reduced by an amount arrived at by dividing those unabsorbed losses by the adjustment factor; and (ii)those unabsorbed losses (after the reduction in sub-paragraph (i)) shall be nil; and(b)in any other case —(i)those unabsorbed losses shall be reduced by an amount arrived at by multiplying the gross gaming revenue subject to the non-premium player tax by the adjustment factor, and those unabsorbed losses so reduced shall be carried forward to the next reporting period and deducted against any gross gaming revenue subject to the premium player tax rate for that reporting period; and(ii)the gross gaming revenue subject to the non-premium player tax (after the deduction in sub-paragraph (i)) shall be nil.(2) Where, for any reporting period, there are any unabsorbed losses in respect of the gross gaming revenue of a casino operator subject to the non-premium player tax rate, and there is any gross gaming revenue of the casino operator subject to the premium player tax rate, those unabsorbed losses shall be deducted against the gross gaming revenue subject to the premium player tax rate in accordance with the following provisions:(a)in the case where those unabsorbed losses do not exceed the gross gaming revenue subject to the premium player tax rate divided by the adjustment factor —(i)that gross gaming revenue shall be reduced by an amount arrived at by multiplying those unabsorbed losses by the adjustment factor; and (ii)the unabsorbed losses (after the reduction in sub-paragraph (i)) shall be nil; and(b)in any other case —(i)those unabsorbed losses shall be reduced by an amount arrived at by dividing the gross gaming revenue subject to the premium player tax rate by the adjustment factor, and those unabsorbed losses so reduced shall be carried forward to the next reporting period and deducted against any gross gaming revenue subject to the non-premium player tax rate for that reporting period; and(ii)the gross gaming revenue subject to the premium player tax rate (after the deduction in sub-paragraph (i)) shall be nil.(3) Paragraphs (1) and (2) shall apply, with the necessary modifications, to any reporting period which is subsequent to the reporting period under those paragraphs, where the gross gaming revenue for such subsequent period is subject to casino tax at both the premium player tax rate and the non-premium player tax rate.(4) Where any unabsorbed losses are carried forward to the next reporting period pursuant to paragraph (1) or (2), such unabsorbed losses shall be —(a)deducted against the gross gaming revenue; or(b)added to the unabsorbed losses,of the next reporting period, before any adjustments in that reporting period are made in respect of the deduction of unabsorbed losses pursuant to paragraph (3).(5) In this regulation, "adjustment factor", in relation to any reporting period, means the factor ascertained in accordance with the formulawhereAis the non-premium player tax rate; and Bis the premium player tax rate.

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