New Posts For Thread: Betting full time - declaration of income.https://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-incomeOk, i make a living from betting. No other source of income. Getting some heat at the moment from student loans about how i am supporting myself and would like to know what the legal status of all this is. Do i need to start declaring it as a taxablea puzzling threadhttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439330#419439330a puzzling threadTue, 29 Dec 2009 08:08:08 -0600Badges of trade innit.https://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439326#419439326Badges of trade innit.Wed, 23 Dec 2009 06:21:44 -0600The company is taxed very differently to the individual -In the UK the same basic principles apply whether incorporated or not.https://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439322#419439322The company is taxed very differently to the individual -In the UK the same basic principles apply whether incorporated or not.Wed, 23 Dec 2009 06:10:46 -0600The Betfairy 23 Dec 13:0Have I missed something?Yes. Tax legislation, case law and practice bears no direct relationship to bookmaking licences. Whether part time or full time bears no direct relationship either.https://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439318#419439318The Betfairy 23 Dec 13:0Have I missed something?Yes. Tax legislation, case law and practice bears no direct relationship to bookmaking licences. Whether part time or full time bears no direct relationship either.Wed, 23 Dec 2009 06:09:13 -0600well that's it really, the individual is not a company, has no licence, is not subject to corporation tax - gambling/trading/arbing is similar to share dealing - you take a position and once you are out of that position you are either in profit or shhttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439314#419439314well that's it really, the individual is not a company, has no licence, is not subject to corporation tax - gambling/trading/arbing is similar to share dealing - you take a position and once you are out of that position you are either in profit or shWed, 23 Dec 2009 06:02:39 -0600I think it's a serious point. Maybe the whole thing can be argued as simply as that. Either:a) there is no income tax to pay, ever (with the exception of partnerships/syndicates/investments where one party is earning by charging a commission)b) thehttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439310#419439310I think it's a serious point. Maybe the whole thing can be argued as simply as that. Either:a) there is no income tax to pay, ever (with the exception of partnerships/syndicates/investments where one party is earning by charging a commission)b) theWed, 23 Dec 2009 06:01:37 -0600The Betfairy 23 Dec 12:45he would have to be proved to be a bookmaker?If he is a bookmaker, then surely he would have to possess of gaming licence and then also be liable to Remote Gaming Duty?either that, or found that you've been bookmaking withttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439306#419439306The Betfairy 23 Dec 12:45he would have to be proved to be a bookmaker?If he is a bookmaker, then surely he would have to possess of gaming licence and then also be liable to Remote Gaming Duty?either that, or found that you've been bookmaking witWed, 23 Dec 2009 05:50:38 -0600JamesBlakesHugeArse 23 Dec 12:42 When can a completely risk free position be achieved in betfair? Almost all trading/arbing involves an element of risk - there is a "gamble" involved somewhereAgreed. But the bookies also take a gamble do theyhttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439302#419439302JamesBlakesHugeArse 23 Dec 12:42 When can a completely risk free position be achieved in betfair? Almost all trading/arbing involves an element of risk - there is a "gamble" involved somewhereAgreed. But the bookies also take a gamble do theyWed, 23 Dec 2009 05:45:29 -0600Does gambling winnings fall under Capital Gains or Income?The UK Tax Laws clearly state that gambling winnings are exempt of Capital Gains.Therefore, for a person to be liable to income tax, would it not have to be proved that his gambling winnings ahttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439298#419439298Does gambling winnings fall under Capital Gains or Income?The UK Tax Laws clearly state that gambling winnings are exempt of Capital Gains.Therefore, for a person to be liable to income tax, would it not have to be proved that his gambling winnings aWed, 23 Dec 2009 05:45:16 -0600JamesBlakesHugeArse 23 Dec 12:42When can a completely risk free position be achieved in betfair? Almost all trading/arbing involves an element of risk - there is a "gamble" involved somewheresame can be applied to bookies can't it... their businehttps://community.betfair.com/general_betting/go/thread/view/94082/23482342/betting-full-time---declaration-of-income?post_id=419439294#419439294JamesBlakesHugeArse 23 Dec 12:42When can a completely risk free position be achieved in betfair? Almost all trading/arbing involves an element of risk - there is a "gamble" involved somewheresame can be applied to bookies can't it... their busineWed, 23 Dec 2009 05:44:40 -0600