General Betting
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25 Nov 09
22:26
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28 May 07
I heard that uk users dont have to pay taxes if they win here.
But for oversea customers maybe it's different.
Somebody has never asked to some specialist (not every businnes consultant has the answer) IF they have to pay any tax as a part of the profit?
But for oversea customers maybe it's different.
Somebody has never asked to some specialist (not every businnes consultant has the answer) IF they have to pay any tax as a part of the profit?
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I suggest you check with your local government/tax authority. What country are you asking about specifically?
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if you don't tell them
you don't pay so don't tell them |
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could still get you in trouble if you don`t tell them and just pay out to your usual banc account. Taxing authorities check bank accounts for irregularities at least here in Germany. Not even the tax experts know for sure if there is taxes to pay if you are a regular winner.
The semi-legality of betfair and that there is generally no taxes on games of chance wouldn`t make you think so. On the other hand if everything that makes you a regular income and could be regarded as a business has to taxed. I don`t know anyone who knows for sure and I asked lots, but i guess there isnt a high chance for you to be prosecuted for not paying taxes on gambling winnings and if so penalty shouldnt be very harsh. I mean come on this is gambling there is lots of risks involved and it shuoldnt be taxed really. |
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In NZ it a grey area , however they are probably too occupied trying to catch out the ebay brigade to be bothered with a few gamblers.
gambling and trading |
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italy
but i know, if u dont tell etc etc its far possible to have any trouble in any case, bank manager could ask from where the money came... |
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If they tax the profit, then surely they would be obliged to off set the losses. In the uk that would go back 6 years. Lots of tax refunds would have to be paid out to the losers.
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"If they tax the profit, then surely they would be obliged to off set the losses. In the uk that would go back 6 years. Lots of tax refunds would have to be paid out to the losers."
You can back claim for losses only if you are an accredited business. If betting is your business, it is not tax free in UK. If you lose for several years, what do you live on? You need to make at least plus £50K tax free each year to compensate for the time, risk and effort involved. |
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I appreciate that but, if that were the rules, then every losing gambler could then claim to be an accredited business and offset the losses from say any other self employed or profit making business. Even off setting losses from your "accredited business" against your personal paye paid tax. That's why, I presume, that some countries would be wary of taxing profits from gambling. Just my theory.
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PC charge 20%
Gord and his mates will think, hang on. They are taxing winners, why can´t we!! Biggest shot in the foot I have ever seen. FBOT´s and Exchanges to be hit in the the next budget. I can remember 9% on bets placed, mind you. You had the choice of paying a 9% upfront on stake. Or 9% amount of your winnings. |