New Posts For Thread: Tax rules on gambling winningshttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winningsInteresting subject this-- If the taxman knocks at your door and asks - where did the helicopter come from and how did you manage to afford it ? We have not had a tax return for 17 years!!!! How would you explain every penny you earned was from Gambl"Its not taxible, as someone said, if it were, you could claim on losses. In USA it is different however"Not the "you could claim on losses" red herring. You cannot claim on losses if you or not a business or have not paid tax in the first place. A bhttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839598#430839598"Its not taxible, as someone said, if it were, you could claim on losses. In USA it is different however"Not the "you could claim on losses" red herring. You cannot claim on losses if you or not a business or have not paid tax in the first place. A bSun, 02 May 2010 09:10:02 -0500Its not taxible, as someone said, if it were, you could claim on losses. In USA it is different howeverhttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839594#430839594Its not taxible, as someone said, if it were, you could claim on losses. In USA it is different howeverSun, 02 May 2010 08:43:04 -0500Let me give you a scenario where it may apply.....Your a one man bookmaker and outside of your job your a winning gambler.Now if the tax man can connect your activity, you could be liable to income taxhttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839590#430839590Let me give you a scenario where it may apply.....Your a one man bookmaker and outside of your job your a winning gambler.Now if the tax man can connect your activity, you could be liable to income taxSun, 02 May 2010 08:41:32 -0500You can also use your allowance to claim back tax on your savings...never bothered myself as it really does seem like taking the p!sshttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839586#430839586You can also use your allowance to claim back tax on your savings...never bothered myself as it really does seem like taking the p!ssSun, 02 May 2010 08:41:17 -0500betfair get taxed and they tax us, its called private enterprise and is a very easy way of doing itthe original question has been delt with a thousand times on here, if you are in this game seriously you know the rules, if you have to ask you are unlhttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839582#430839582betfair get taxed and they tax us, its called private enterprise and is a very easy way of doing itthe original question has been delt with a thousand times on here, if you are in this game seriously you know the rules, if you have to ask you are unlSun, 02 May 2010 08:40:09 -0500no s-t. It matters not whether it's part of your income or ALL of your income. It's not even taxable if horse race winnings are your ONLY form of income. It's not at all relevant whether you have other forms of income or not. The taxman looks at ALLhttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839578#430839578no s-t. It matters not whether it's part of your income or ALL of your income. It's not even taxable if horse race winnings are your ONLY form of income. It's not at all relevant whether you have other forms of income or not. The taxman looks at ALLSun, 02 May 2010 08:39:25 -0500ST, sorry but you're wrong - sole income doesn't come into it. All income (whether from one or one hundred sources) is treated similarly in terms of tax. The tax man is happy enough to pick up corporation tax from the bookies. If not, more likely tohttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839574#430839574ST, sorry but you're wrong - sole income doesn't come into it. All income (whether from one or one hundred sources) is treated similarly in terms of tax. The tax man is happy enough to pick up corporation tax from the bookies. If not, more likely toSun, 02 May 2010 08:32:05 -0500Can't be bothered arguing about it,ST.Everything I have said is correct.https://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839570#430839570Can't be bothered arguing about it,ST.Everything I have said is correct.Sun, 02 May 2010 08:31:34 -0500no no fbthis argument only applies to those people whose sole income is from gamblinghttps://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839566#430839566no no fbthis argument only applies to those people whose sole income is from gamblingSun, 02 May 2010 08:29:27 -0500Imagine - all gamblers just register as pros (with other sources of income) then offset all losses against other income sources. Can't wait!https://community.betfair.com/horse_racing/go/thread/view/94102/23905154/tax-rules-on-gambling-winnings?post_id=430839562#430839562Imagine - all gamblers just register as pros (with other sources of income) then offset all losses against other income sources. Can't wait!Sun, 02 May 2010 08:27:04 -0500