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ronnie rails
12 Oct 21 12:39
Joined:
Date Joined: 25 Oct 09
| Topic/replies: 2,848 | Blogger: ronnie rails's blog
Just thinking about the good old days in the shops.
a quick question did you pay tax on  with the bet or the tax on the winnings.

happy days gone forever

regards

Ronnie.
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Report dustybin October 12, 2021 12:48 PM BST
If you didnt put it on the stake then you shouldnt have been putting the bet on imo
Report ronnie rails October 12, 2021 12:55 PM BST
Dustybin

so i presume you paid tax on no doubt i will get some stick but i paid mine on the winnings

hope you are well

Ronnie.
Report sparrow October 12, 2021 12:57 PM BST
I lived in London until 1970 where tax was not paid on and was surprised when I moved to Yorkshire to find almost everybody paid the tax with the bet.
Report dustybin October 12, 2021 12:58 PM BST
I hardly ever bet
But when I did I put it on the stake, since not doing so suggests you dont think it will win
If you dont think it will win dont put the bet on
Report penzance October 12, 2021 12:58 PM BST
tax paid.
Report sparrow October 12, 2021 12:59 PM BST
When penzance?
Report the dealer October 12, 2021 1:01 PM BST
It was a slow counters dream, 6,8 or 9% tax. Can you pay the tax please near the off on a £78.45 bet.
Report Forgive`n`Forget October 12, 2021 1:02 PM BST
Think if you didn't pay it on your bet, you'd pay it on your winnings.
Report the dealer October 12, 2021 1:03 PM BST
The old anchor till Ronnie do you remember working in shops where the keys only went up to £99.99 and you had to ring a large bet around all sides of the slip
Report ronnie rails October 12, 2021 1:07 PM BST
The dealer

i can remember going into a shop where my father worked underage no think 21 then and it had tickertape we must be getting old.

hope you are well

Ronnie.
Report penzance October 12, 2021 1:10 PM BST
on me stake - sparrow.
Report jerseyboy October 12, 2021 1:10 PM BST
An awful lots of bets were put on in the Channel Islands where there was NO tax..
Report Brian October 12, 2021 1:10 PM BST
Definitely paid tax on. Ronnie I was settling in betting shops when I was 16!
Report the dealer October 12, 2021 1:11 PM BST
All well Ronnie, yes those were the days, of nom de plumes and numbered ticket as a receipt
Report second again October 12, 2021 1:13 PM BST
£10 win no tax paid 10% tax returns £18
£9 tax paid £9.90 returns £18
So I think you were 1% better off paying the tax.
Report sparrow October 12, 2021 1:14 PM BST
Can anyone here recall in the 60s whether it was possible to pay tax on in London and the South?
Report second again October 12, 2021 1:17 PM BST
The above was a winner at evens.
Report jamesdean October 12, 2021 1:28 PM BST
What about £10 on a 1/2 shot? when 10%

11 quid to win a 15, £4 profit  or £10 to win £4.50

or did they tax the all returns including stake?   Was before my time
Report stewarty b October 12, 2021 1:34 PM BST
second again has it spot on. No matter the price or stake you always saved money paying the tax on your bet rather than get taxed on your winnings. It's simple arithmetic.
Report second again October 12, 2021 2:03 PM BST
jamesdean,the tax was taken from your stake and winnings.The shorter the price of your winner the higher the real rate of tax.£100 on a 1/2 shot returns £135 after £15 tax the tax on you profit of £50 is 30%.A £10 bet on a 14/1 shot returns £135 so there is £15 tax on a profit of £140.Betting short price singles was hard work.Some big firms directors did not want off course tax abolished as it kept the shrewdies out of the shops.
Report screaming from beneaththewaves October 12, 2021 2:06 PM BST
All returns, including the stake, were taxed, jamesdean.

Second Again is correct of course. If you wanted a fiver each way, it had to be £4.50 each way tax paid. If you were in profit as a punter, that was your margin basically.
Report screaming from beneaththewaves October 12, 2021 2:09 PM BST
Not that the bookmakers actually paid 10% duty of course. I think it was something like 8% by the end, with 1% to the Levy Board, and another 1% because why not, eh?
Report jamesdean October 12, 2021 2:13 PM BST
thanx second again/screaming
Report the dealer October 12, 2021 2:20 PM BST
Very good point screaming they didn't pay it all back, I think it was nearer 6% than 8%
Report SlippyBlue October 12, 2021 2:32 PM BST
Screaming is spot on there, they rounded it up to 10%.
I'd stick one of Sir Henry's 2 year old newcomers at around 4/11 in my treble to pay the bees.
Report HallGreenSpy October 12, 2021 4:19 PM BST
Always paid beforehand.
Report swiftynifty October 12, 2021 5:50 PM BST
successful people pay their tax, losers don't bother.
Report sparrow October 12, 2021 6:01 PM BST
If only in the outside world too, swifty.
Report glentoby October 12, 2021 6:02 PM BST
Hope you are well ronnie,goes without saying that the days of tax that the vast majority were better off paying tax on their slip e.g a 10p yankee with 3 or 4 winners etc,the majority of bets similar in that era.

I see the pretendee pro trying to convince the forum of a 1% difference on a fiver ew in those times,guy is a moron btw.
Report glentoby October 12, 2021 6:02 PM BST
Hope you are well ronnie,goes without saying that the days of tax that the vast majority were better off paying tax on their slip e.g a 10p yankee with 3 or 4 winners etc,the majority of bets similar in that era.

I see the pretendee pro trying to convince the forum of a 1% difference on a fiver ew in those times,guy is a moron btw.
Report six_six_six October 12, 2021 6:32 PM BST
Your stake is 1+t which can either be

a)  a stake of 1 with tax paid on at rate t

or

b)  a stake of 1+t, tax not paid on

If it loses obviously makes no difference, you've lost 1+t.

If it wins at price (P-1) to 1

case a) returns P

case b) returns P(1+t)(1-t) = P(1-t^2)

If t>0 (i.e. if there is tax on bets) b is always less than a so it was better to pay your tax on.
Report glentoby October 12, 2021 6:38 PM BST
Cool
Report glentoby October 12, 2021 6:38 PM BST
Cool
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