Confused about tax on winnings?

[firlandsfarm]

Theoretically, you could report your winnings year on year anyway.

Risky!!! First rule of tax planning/avoidance ... don't report it unless they ask for it!

[mobius]

Video game loot boxes are "in violation of gambling legislation", according to the Belgium Gaming Commission.

Loot boxes give random rewards and can be acquired either through gameplay or by spending real cash.
bbc.co.uk - 5 hours ago

Tax isn't the only thing to worry about. Whatever you do - don't tell the taxman you actually like doing this.
Oh, who is it that publishes this betangel thingy?
Failure to comply may lead to a fine of €800,000 (£697,000) and up to five years in prison for the publishers.

[ruthlessimon]

How do the good gambling people in the United States manage?

Thought this was interesting from a guy I asked about the state of gambling in the US:

"..the USA took the more foolish route of prohibition, which has failed spectacularly. The USA definitely likes its “sin taxes”, ie. gambling, tobacco and alcohol. I believe Mr. Brown just had a much more common sense and modern approach to online gambling in general, realizing that the worlds’ population is continuing to trend towards online activities."

[ANGELS15]

There was an interesting article a little while back: you should be able to find it on the internet: google 'The reason the UK dose'nt tax betting is because it wouldn't produce any revenue'. There was a debate in the House of Lords in 2013 about spread and other forms of Betting. One of the reasons given for not taxing betting is that 'the winnings of the succesfull are offet by the losses of others'. They thought it would lead to a revenue loss.There is also a standard part of UK law that states that if you tax something then there must be allowances for expenses for doing that activity. Even if they could find a way to do it I hardly think it would be worth their while. There must surely be very few people who can produce large enough profits year on year. Also proffesionals who travel regularly to the races to book boxes etc all expenses.

[iambic_pentameter]

Given the discussion about this subject, interesting to note there is a runner in the 1.50pm at Sandown called "Taxmeifyoucan"

It would be wonderful to see the price trade between 20% and 28% lower than BSP - this two figures are the current CGT (Capital Gains Tax) rates.

Iambic