Ltd Company Gambling

Ok question for you guys..
Can a Ltd company gamble with its own funds?
i.e could a ltd company set up a scheme where as it deducted £2 from employee's wages (with consent) and as a company registered up with somethign like the lottery and play the lottery on behalf of its employees? or back the money on a horse when the company matches the employee's contributions and takes % of the winnings? If so how would you deal with this??
As Gambling income isn't taxable and the losses aren't tax deductable as far as i am aware, how would that affect things?
Cheers
Can a Ltd company gamble with its own funds?
i.e could a ltd company set up a scheme where as it deducted £2 from employee's wages (with consent) and as a company registered up with somethign like the lottery and play the lottery on behalf of its employees? or back the money on a horse when the company matches the employee's contributions and takes % of the winnings? If so how would you deal with this??
As Gambling income isn't taxable and the losses aren't tax deductable as far as i am aware, how would that affect things?
Cheers
Comments
I am not sure a company can purchase a lottery ticket - you'd have to check the operators terms and conditions.
Any purchase of lottery tickets or gambling stakes on behalf of an employee would be taxable and nic'able remuneration.
That's not a cast-iron rule as it's possible for an individual to be a self-employed professional gambler, and his gambling income to be subject to incomet tax. I don't know about companies being able to gamble.
I didn't think this mattered any more. I thought companies weren't restricted in their activities by their memorandum/articles since the CA2006 came into effect? Or am I confusing the ultra vires rule with something else?
I think that's a rumour put about by HMRC..
Only if they were incorporated since the effective date or if they have since changed their existing mem and arts to be unrestricted.