UK tax rate on gambling

9%

Thanks mate.

Was the 9% a general tax rate, or would it be higher if your gambling profits took you into the 'higher rate' tax band?

Taxation on gambling profits? Are you having a laugh?

If gamblers were taxed (which would be impossible to implement in the first place) there would be a mass exodus to foreign shores.

Succesful independant gamblers currently are an asset to this country and any other .

Paying their way in tax via petrol,alcohol,VAT etc ;)

Whoever gets in to No 10 - I think its odds on that a betting tax will be introduced - however, it depends how the Operators decide how much you and I will have to pay - history says it will be 100%

But on exchanges, the scenario may be very different.

I'd be happy to write off potential gambling losses against my business profit. :)

you tell 'em groundhog :D

Disney - there was no higher rate or lower rate but, if memory serves, you could chose to pay 9% tax on your stake when you put the bet on or else pay 9% of the winnings if you won.

Yeah punters were shafted in those days. I seem to remember that general betting duty was actually something like 6 or 7% so that bookies just took the 2% extra for themselves and they also made me people pay 9% tax on sports bets even though they shouldn't have been allowed to. Someone will correct me on that I'm sure.

betfair have already covered the angles with taxation with their pc tax which is fed back into the treasury by more corporation tax.

birch2

`Whoever gets in to No 10 - I think its odds on that a betting tax will be introduced - however, it depends how the Operators decide how much you and I will have to pay - history says it will be 100%`


you can evens with me.

how much you want?

Thanks for the replies guys. I wasn't a gambler back in 2001 so I had no interest to know of the situation at the time. Obviously we have a very good deal at the moment, and I think that it is natural to think that this will come to an end at some stage, and maybe under a new government.

I was simply wondering if gambling profits were taxed in a similar fashion to dividends, and judging by the responses I'd say that it was a uniform 9% rate which doesn't seem too bad (although obviously 0% is much more preferable!).

Was interesting to read your replies. :)

I believe that the government's tax revenue from gambling actually increased when they switched to a gross profits tax. I believe that the 9% was levied either on your stake, or on your returns (not your winnings). The reason I say that is that IIRC the tax made it prohibitive to bet at odds-on in the shopsl.

There was never a tax on gambling profits. The 9% was betting duty. This was abolished with a replacement taxation on the bookmakers profits. They argued higher turnover would result in higher profits and the taxation taken by the government wouldn't be reduced.

Sorry, yes I understand now.

taxation on gaming revenue is 50%

Taxation on gambling profits will never happen....ever.

The tax on betting was removed with great foresight
It avoided 200+post threads with Schalke 04 insisting that it is better to pay the tax on your winnings than on your stake.

If they were gonna do it they will tax profits on bookies..and the bookies pass it on by putting commission on your stake or winnings like betfair.

I didnt see Triggster post....maybe they increase that rate of tax, then the bookies will pass it on to their customers as explain above.

I would not be surprised if they tax all three aspects:

betting tax on each bet
tax on bookmakers gross profits plus all the other taxes
additional tax on annual betting profits with zero relief on losses, as in USA.

gibraltar still has a 8% tax rate on bookmakers, supposed to be a part of the uk