We want to share an important update with our Betfair Community users.
Over the coming months, the Betfair Community platform will be winding down. The final active day for the platform will be December 21st. From December 22nd, users will no longer be able to access the platform.
Your discussions, insights, engagement, and, most importantly, feedback have helped shape the platform and guided innovation. Your feedback continues to be important to us, and we will continue to listen via our dedicated feedback channels, as well as through product testing and innovations.
To share your feedback and experience, visit: https://support.betfair.com/app/home
General Betting
Welcome to Live View – Take the tour to learn more
Start Tour
There is currently 1 person viewing this thread.
15 Jul 10
13:57
Joined:
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?
Show More
I know all the tax rules regarding gambling changed pretty recentley
what are you referring to?
what are you referring to?
depends on where you are living & paying tax, i would imagine.
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.
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.
if you become liable to pay gambling tax one day, the next day your on the plane out shirley 
Premium Charge.
If you declare winnings as income, it will be taxed as income :)
Gambling income in UK is taxable if you are seen to be in partnership with others
scott, thats not true. I have fully declared all winnings via an accountant and it has all been acknowledged as tax free.
The Visionary 20 Jul 10 08:52
Gambling income in UK is taxable if you are seen to be in partnership with others
Wrong.
Gambling income in UK is taxable if you are seen to be in partnership with others
Wrong.
If that was the case losers could bet in partnership to claim tax back.
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
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
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.
If your filling in a self assessment and puting down winnings as taxable income then its a tax on stupidty 
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.
That is right Visionary. His case was not straight forward.
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.
The HMRC website indicates which punters are non taxable and which are.
Recreational and self employed one man band professional punters are tax free.
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
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
I guess this is the HMRC website cornubia mentioned?
http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htm
http://www.hmrc.gov.uk/manuals/bimmanual/bim22015.htm
Honest Al was betting with someone elses money, that's not gambling.
Post Your Reply
Please login to post a reply.
Wonder
Instance ID: 13539