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Tax on gambling winnings
Tax on gambling winnings
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Replies: 61
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Betfair scarfs might prove popular this year.
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Are the betting shops still well heated? Or only the fobt? Any kettle to make a cup of coffee?
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Any of US even.
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There’s already a tax on winnings,brown not Blair brought that in,the bookies pay it on behalf of the punters.so I don’t see this as a policy that will happen,just more g1 news bluster.
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Gb news
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comingupthehill • August 4, 2024 9:38 PM BST
There’s already a tax on winnings but not a tax on winners when it was brought in, as it was based on gross profit, which winners reduce (but now irrelevant as they won't take bets from winners). The exchange of course is different as it is 15% of commission. |
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Will take years 5 plus to implement. Don't worry lads and lasses for now.
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@marksman
"Stocks, they can do whatever they want: Already capital gains tax is applied when you make a profit trading in property, shares, bullion etc. But, conversely, you get no tax relief when your trade results in a loss." I suppose that is true in the narrow sense that you cannot use capital losses to offset income - but you can use CGT losses to offset gains in the year in which they occur, and reach back and use past years CGT losses against gains in the current year. |
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No government will re-introduce betting tax on winnings. The amount raised would be tiny compared to the level of national debt and would upset too many Labour voters.
Also, you can offset losses on shares against gains on other shares - IE bed and breakfasting. But I do wonder if you setup a registered company and listed its business as share-trading, could losses in the first 4 years of trading be claimed back against income tax paid in the past 4 years, including PAYE - as used to be the case in business? I don't know if you still can do that for a new venture but I did it myself for two years back in 1994/1995 after a business I started went nowhere. |
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There never was a "tax" on winnings , it was a duty imposed by Government on bookies of 6.75 % who charged punters 9% but who had the option to pay on the bet placement stake.
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Agree with Sparrow about pensions being taxed. Every time my state pension rises, more tax is taken from a private one so in effect any State Pension above £12570 is taxed by removing the equivalent amount from any other taxable income. They are too cowardly to take the tax from the State Pension so they take it by the back door. If the personal allowance stays where it is, my private pension will fall to zero eventually.
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The tax due on my state pension is taken from my occupational scheme which I had been paying in to for 34 years.
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I wouldn't be so sure about Labour not taxing winnings on account of it upsetting its voters. For a start, the days of when its voters comprised horny-handed toilers who enjoy a bet are long-gone. But never mind that: read that quote from Tax Police Associates which Andriy posted on page 1:
It [taxing gambling winnings] would have two ancillary benefits: (1) discourage gambling (in a way that raising betting duties would not) ... The issue of whether it would raise a significant amount of money isn't relevant to these people. To them it's self-evident that discouraging gambling is a Good Thing. If you're wondering who Tax Policy Associates are, they're in fact a bloke called Dan Neidle. He's a Labour activist who sits on the Party's senior disciplinary body. This is the sort of specimen we're up against.  |
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sparrow / sageform
But how tax is collected makes no difference in the end - you have state pension, a private pension, a total pension income, an amount of tax due on that total - it matters not which income source it is collected from? |
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I was going to explain that he was the one who was wrong with this statement (but cba reg'ing and spending ten minutes clicking on motor cycles or traffic lights).
Dan says: 3 August 2024 at 1:29pm that’s very interesting. Strictly speaking it’s wrong – a professional gambler, i.e. someone who makes a living from gambling, absolutely should be taxed on their livings. |
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Exactly, longbridge.
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Sageform , correct but imagine the shock the people who receive state pension , private pension and still work , that's the pecking order in reverse so workers not aware thinking state is normal , private is normal then seeing their face when opening their wage slip would have been a picture
 Thankfully my sister was spared of the surprise as i'd worked out she'd take home around 50% of her gross for that month. |
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It really shouldn't be a shock but - in my experience - a lot of people are not well-informed about personal finance.
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longbridge, it looks like I'm one of those not well-informed.
I never knew that you can use CGT losses to offset gains in the year in which they occur, and reach back and use past years CGT losses against gains in the current year until you posted it above. |
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It's a pity that doesn't apply to Premium Charge so that I could claim back some PC when I have losing years.:(
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marksman - basics are here
https://www.gov.uk/capital-gains-tax/losses |