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UK Gambling & Tax

Discussion in 'Online Casinos' started by Simmo!, Jun 29, 2004.

    Jun 29, 2004
  1. Simmo!

    Simmo! Moderator

    Occupation:
    Web Dev.
    Location:
    England
    Hi all

    This is one for the UK players and may already be a known fact but thought i'd share it anyway. I popped into my local Inland Revenue office this morning and asked if winnings i made from either UK or overseas casinos (normal and online) were tax-deductable.

    After a couple of phone calls, i was informed that any winnings i made weren't taxable, although if they were substantial i may be asked to prove i wasn't money-laundering! Fair play. I was a bit surprised actually...thought they'd want a slice fo the action but there you go...what do i know :)

    Cheers

    Simmo!

    PS...As an afterthought, what could be interesting, theoretically at least, is Affiliate revenue. If its paid into a NETeller account or my casino account, when i withdraw its showing as coming from my gambling activities. Guess thats whats called "pushing your luck"....;)
     
    Last edited: Jun 29, 2004
  2. Jun 30, 2004
  3. GrandMaster

    GrandMaster Ueber Meister CAG

    Occupation:
    Mathematician by day, online gambler by night.
    Location:
    UK
    Tax deductible winnings? That would be really nice! :D

    I thought it was well-known that gambling winnings are not taxable in the UK (unless you are doing it as business like a bookmaker or a casino). This is one of the reasons why financial spread betting is so popular, since it is classified as gambling and thus avoids capital gains tax.

    I am not an accountant, but I believe affiliate revenue should be treated as business income regardless how it is paid, but you can deduct your business expenses.
     
  4. Jun 30, 2004
  5. largeeyes

    largeeyes Dormant account

    Occupation:
    Engineer
    Location:
    North America
    Well, maybe I need to set up residence in the UK........
     
  6. Jun 30, 2004
  7. jpm

    jpm Dormant account

    When you think about it, its kinda funny. The US broke away from the UK over unreasonable taxation (amongst other things), and here we are taxing people on their gambling winnings while the UK doesn't. What's wrong with this picture??
     
  8. Jun 30, 2004
  9. largeeyes

    largeeyes Dormant account

    Occupation:
    Engineer
    Location:
    North America
    What's REALLY wrong is that it's pretty much ILLEGAL here in the US, let alone that it's taxable.
     
  10. Jun 30, 2004
  11. lanidar

    lanidar Dormant account

    Occupation:
    retired
    Location:
    Avenel, New Jersey
    Now let's have the truth her guys....... :rolleyes:

    Did ANY of you claim the profits you made gambling online or wrote off or attempted to write off the losses? :oops:

    MMMMmmmmmm :cool:
     
  12. Jun 30, 2004
  13. markey111

    markey111 Dormant account

    re

    all uk gambling is tax free has been for a few years now
     
  14. Jun 30, 2004
  15. jpm

    jpm Dormant account

    No hablo ingles!
     
  16. Jun 30, 2004
  17. lanidar

    lanidar Dormant account

    Occupation:
    retired
    Location:
    Avenel, New Jersey
    YEAH...ME TOOOOOOO :thumbsup: :lolup:
     
  18. Jun 30, 2004
  19. Simmo!

    Simmo! Moderator

    Occupation:
    Web Dev.
    Location:
    England
    lol yeah - slip of the brain for a minute there GM :)


    Apparently so Markey. I'd heard about the recent laws regarding no tax on sports betting etc but wasn't sure if playing online casinos, including those that are licenced over in Gibraltar or outside the UK, was included. But they are. This is good :thumbsup:
     
    Last edited: Jun 30, 2004
  20. Jul 1, 2004
  21. drkasper

    drkasper Webmaster

    Location:
    UK
    All gambling taxes in the UK are paid by the operator not the player. The government earns millions each year from gambling taxes. The sports betting tax (it was 9% added to any stakes or returns) changed in response to offshore companies offering zero tax bets and UK companies not being able to compete (so they all went offshore, much to the dismay of customs & excise who collect the tax). they came back when they did a deal with the government
    As for 'offshore' winnings - it just follows the same UK law - ie all winnings won from gambling is tax free

    Its the same for 'prizes' - including big money lottery prizes and TV show prizes - all exempt from any tax
     
  22. Jul 1, 2004
  23. jpm

    jpm Dormant account

    That's an interesting way to do it. So if I win a slots jackpot of say $10,000 (or pounds), instead of having to pay the 30% up front before I leave the casino like happens here in the US, are you saying the casino pays me the full $10,000 and then pays whatever percent to the government ($3k in my example)?
     
  24. Jul 1, 2004
  25. drkasper

    drkasper Webmaster

    Location:
    UK
    That's an interesting way to do it. So if I win a slots jackpot of say $10,000 (or pounds), instead of having to pay the 30% up front before I leave the casino like happens here in the US, are you saying the casino pays me the full $10,000 and then pays whatever percent to the government ($3k in my example)?

    Something like that. You'll have to forgive me if I get some of it wrong - I'm no expert in tax and gambling tax is usually way too complicated for me.. But i'll try my best!

    In the case of sports betting, the operators pay a Gross Profits tax of 15% (ie they're taxed on their gross profits/net stake receipts) as opposed to a tax on turnover (the original regime) - it has apparantly been a successful change.

    Casino gaming is a tax on profits based on premises - gaming duty can be a maximum 40% of gross gaming yield (ie total value of stakes minus player's winnings)

    Its different again for gaming/slot machines

    Anyway, I hope thats not too confusing - its way too late to be talking tax - and if i'm wrong (probably somewhere along the line), I hope someone will correct me!

    At the end of the day - its the operator that pays any gaming tax - we like it that way!
     
  26. Jul 1, 2004
  27. jpm

    jpm Dormant account

    I like that system! :thumbsup: Thanx.
     
  28. Jul 1, 2004
  29. markey111

    markey111 Dormant account

    re

    would be nice to claim my losses back against my tax bill lol :eek:
     

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