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General Betting
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15 Jul 10
13:57
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Date Joined:
10 Apr 08
Might 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 not a full-time gambler, but what would be the case if you were and gambling was your only income? would you have to pay tax on the gambling income then?
I'm not a full-time gambler, but what would be the case if you were and gambling was your only income? would you have to pay tax on the gambling income then?
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No
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I know all the tax rules regarding gambling changed pretty recentley
what are you referring to? |
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Dickhead.
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depends on where you are living & paying tax, i would imagine.
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some countries charge a tax , not in the UK though
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Well not yet...........!
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NO!
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Unlike the US, there is no tax to pay on gambling winnings in the UK and that includes casino, bingo, poker, horses, greyhounds and sports betting.
The main reason gambling is not taxed in the UK is because of the way UK tax law works. If the taxman started taxing winnings he would also need to offset losses before working out personal income tax- and this would be a can of worms. |
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Correct!
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if you become liable to pay gambling tax one day, the next day your on the plane out shirley
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Head in Hands Man please....
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Yes , it's called the
 Premium Charge. |
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everyone already gets tax 15%..
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If you declare winnings as income, it will be taxed as income :)
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Gambling income in UK is taxable if you are seen to be in partnership with others
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22% actually
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scott, thats not true. I have fully declared all winnings via an accountant and it has all been acknowledged as tax free.
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The Visionary 20 Jul 10 08:52
Gambling income in UK is taxable if you are seen to be in partnership with others Wrong. |
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If that was the case losers could bet in partnership to claim tax back.
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scott, 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 point It was once attempted to take tax off me by calling capital 'miscellaneous income' a term that my solicitor laughed at and called cheeky, a letter from him was enough for the greedy gets to back down |
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ripped 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.
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If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidty
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Actually 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.
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That is right Visionary. His case was not straight forward.
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There 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. |
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If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidty
I 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 well, so should they |
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I guess this is the HMRC website cornubia mentioned?
http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htm |
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Honest Al was betting with someone elses money, that's not gambling.
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correction : 22.5% .
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