New Posts For Thread: Just had e mail from Santander re gamblinghttps://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gamblingDear MR *****,We’re getting in touch because your recent gambling activity has been high If you feel that gambling is having a negative impact on you, support is available. Shocking, nothing about the money going back in, wonder if they e mail peop. "As most gamblers lose, Irish Revenue rules specifically exclude gambling winnings and losses from income tax provisions."link pleasehttps://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030231#564030231. "As most gamblers lose, Irish Revenue rules specifically exclude gambling winnings and losses from income tax provisions."link pleaseThu, 23 May 2024 06:26:53 -0500you would be treated just like a bookmaker,after allowances and expenses you pay personal income tax on profits .Everyone pays income tax.but you must be winning and show a profit before you are taxed.https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030229#564030229you would be treated just like a bookmaker,after allowances and expenses you pay personal income tax on profits .Everyone pays income tax.but you must be winning and show a profit before you are taxed.Thu, 23 May 2024 06:26:51 -0500That makes sense, KB. Could’ve been a nice loop hole for losing gamblers out there otherwise.https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030227#564030227That makes sense, KB. Could’ve been a nice loop hole for losing gamblers out there otherwise.Thu, 23 May 2024 06:26:08 -0500As a practising accountant I can confirm that professional gambler CANNOT register for income tax in Ireland. The rationale behind this is that if gambling winnings are taxable, then gambling losses are allowable and can be set off against other inchttps://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030219#564030219As a practising accountant I can confirm that professional gambler CANNOT register for income tax in Ireland. The rationale behind this is that if gambling winnings are taxable, then gambling losses are allowable and can be set off against other incThu, 23 May 2024 06:21:29 -0500If you had another business and claimed to be a SE gambler too, surely any losses would come off the profit?https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030209#564030209If you had another business and claimed to be a SE gambler too, surely any losses would come off the profit?Thu, 23 May 2024 06:14:40 -0500Though it's still a net loss I guess, given you could only claim that against any tax you were paying, so yes, no reason to do it!https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030199#564030199Though it's still a net loss I guess, given you could only claim that against any tax you were paying, so yes, no reason to do it!Thu, 23 May 2024 06:10:47 -0500Suppose the only small benefit would be claiming your costs e.g. office, electric, materials, computer, travel, etc...not sure about losses as a 'cost' though in this...?https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030197#564030197Suppose the only small benefit would be claiming your costs e.g. office, electric, materials, computer, travel, etc...not sure about losses as a 'cost' though in this...?Thu, 23 May 2024 06:09:35 -0500You would pretty much have to volunteer to pay tax, which is why you'd have to be daft to end up doing so, but the key difference is that it is a possibility in ireland, but not in the uk.https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030191#564030191You would pretty much have to volunteer to pay tax, which is why you'd have to be daft to end up doing so, but the key difference is that it is a possibility in ireland, but not in the uk.Thu, 23 May 2024 06:05:24 -0500Yep, sounds like a bit of minefield - not least in proving costs and earnings etc...https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030179#564030179Yep, sounds like a bit of minefield - not least in proving costs and earnings etc...Thu, 23 May 2024 06:00:34 -0500don't know the ins and outs, just know it from years ago discussions with poker players.https://community.betfair.com/horse_racing/go/thread/view/94102/31842513/just-had-e-mail-from-santander-re-gambling?post_id=564030171#564030171don't know the ins and outs, just know it from years ago discussions with poker players.Thu, 23 May 2024 05:57:20 -0500