General Betting
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Currently the tax rate is 0% if I'm correct?
Just interested in what it used to be before the change in the law back in 2001, if anyone knows? Does anyone think/fear that with a potential change in political power in the next couple of months that we could see a return to taxation on gambling profits?
Thanks :)
Just interested in what it used to be before the change in the law back in 2001, if anyone knows? Does anyone think/fear that with a potential change in political power in the next couple of months that we could see a return to taxation on gambling profits?
Thanks :)
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9%
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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? |
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Taxation on gambling profits? Are you having a laugh?
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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 ;) |
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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. |
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I'd be happy to write off potential gambling losses against my business profit. :)
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you tell 'em groundhog :D
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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.
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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.
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betfair have already covered the angles with taxation with their pc tax which is fed back into the treasury by more corporation tax.
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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? |
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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. :) |
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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.
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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.
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Sorry, yes I understand now.
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taxation on gaming revenue is 50%
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Taxation on gambling profits will never happen....ever.
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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. |
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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.
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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.
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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. |
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gibraltar still has a 8% tax rate on bookmakers, supposed to be a part of the uk
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