New Posts For Thread: Is Gambling Income taxablehttps://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxableMight be a stupid question but I was wondering is gambling income liable to income tax once it goes beyond a certain point. I know all the tax rules regarding gambling changed pretty recentley but I don't really know the full story.I'm notcorrection : 22.5% .https://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458234669#458234669correction : 22.5% .Wed, 21 Jul 2010 08:17:51 -0500Honest Al was betting with someone elses money, that's not gambling.https://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458172505#458172505Honest Al was betting with someone elses money, that's not gambling.Tue, 20 Jul 2010 19:07:06 -0500I guess this is the HMRC website cornubia mentioned?http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htmhttps://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458144529#458144529I guess this is the HMRC website cornubia mentioned?http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htmTue, 20 Jul 2010 15:58:14 -0500If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidtyI hope this repost wasnt aimed at me, because mine was no such thing...it was a clown collective opportunist thinking that because I was doing whttps://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458129713#458129713If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidtyI hope this repost wasnt aimed at me, because mine was no such thing...it was a clown collective opportunist thinking that because I was doing wTue, 20 Jul 2010 14:33:11 -0500There is not and never has been a UK law that allows gambling losses to be claimed against tax.The HMRC website indicates which punters are non taxable and which are.Recreational and self employed one man band professional punters are tax free.https://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458122981#458122981There is not and never has been a UK law that allows gambling losses to be claimed against tax.The HMRC website indicates which punters are non taxable and which are.Recreational and self employed one man band professional punters are tax free.Tue, 20 Jul 2010 13:58:09 -0500That is right Visionary. His case was not straight forward.https://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458097913#458097913That is right Visionary. His case was not straight forward.Tue, 20 Jul 2010 11:11:56 -0500Actually the Honest Al case may have been where he was using somebody else's money to bet and then his winnings were seen as a commission and as such liable to tax.https://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458096741#458096741Actually the Honest Al case may have been where he was using somebody else's money to bet and then his winnings were seen as a commission and as such liable to tax.Tue, 20 Jul 2010 11:05:08 -0500If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidtyhttps://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458096161#458096161If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidtyTue, 20 Jul 2010 11:01:38 -0500ripped off - put a call out for Honest Al - he'll tell you all about how the taxman came after him about 5 years ago. Not sure what the final outcome was.https://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458096065#458096065ripped off - put a call out for Honest Al - he'll tell you all about how the taxman came after him about 5 years ago. Not sure what the final outcome was.Tue, 20 Jul 2010 11:01:12 -0500scott, thats not true. I have fully declared all winnings via an accountant and it has all been acknowledged as tax free. If you filled a self assessment in based on winnings they would accept it, that might have been the pointIt was once attemptedhttps://community.betfair.com/general_betting/go/thread/view/94082/25380661/is-gambling-income-taxable?post_id=458093981#458093981scott, thats not true. I have fully declared all winnings via an accountant and it has all been acknowledged as tax free. If you filled a self assessment in based on winnings they would accept it, that might have been the pointIt was once attemptedTue, 20 Jul 2010 10:48:39 -0500