firlandsfarm wrote: ↑Thu Sep 10, 2020 11:01 amYou certainly should have a letter confirming it is a gift (remember that it may need to be disclosed to HMRC as a gift in lifetime (gift inter vivos) depending on amount).spreadbetting wrote: ↑Tue Sep 08, 2020 1:36 pmFrom bits I've been reading it really shouldn't be a problem and little more than a letter to confirm the money is a non returnable gift etc and maybe letter from BF/Bank to confirm funds have come from Betfair and not some crack house.
And while I see the need to be open and frank about it I agree with LinusP I wouldn't volunteer it … half those working for solicitors/banks don't understand the difference between betting and gambling and still think it's a mugs game and the other half will see you as a money launderer for sure! I applied for a BTL mortgage years ago and they wanted to see copies of my last 3 months bank statements and despite the payments to/from bookies and Betfair showed a cash flow profit they turned me down because I was "clearly addicted to gambling"!
why don't you (or didn't you) keep two bank accounts - definitely you don't want to be mixing your betfair inputs/outputs in an account that may need to prove income/expenditure..