40. Increase of excise duty on betting.

The duty on bets imposed by section 24 of the Finance Act, 1926, shall (subject and without prejudice to the provisions of section 20 of the Finance Act, 1931) be charged, levied and paid on bets entered into on or after the specified day at the rate of fifteen per cent. of the amount of the bet in lieu of the rate of ten per cent. mentioned in section 13 of the Finance Act, 1956.