Premium Charges

[Sharpsy]

Ive been reading through the betfair charges scheme and I have to be honest, most of it has gone over my head.

Can someone briefly and simply run through when you qualify and what you pay?

Thanks

[Euler]

If your lifetime profit is over £5k you have to pay 20%, over £250k and you can pay anywhere from 40-60%.

It is more detailed than that, but if you are a pure trader that's the bottom line.

[Sharpsy]

Thanks.

So its the same rate as being taxed then and the bracket grows onwards.

What if you hit £250k in profits but then start making losses lets say?? I presume that you would pay 60% on winnings from £250k onwards and not see a 60% hit in your bank???

I think the easiest way round this is get to a point, then open up a new account in your partners/friends name, with a new location and go again!!

[xitian]

If you start making weekly losses then there will be no charge to pay as the charge is only based on weekly profits.

Unfortunately you can't just open an account in another person's name. They will link the accounts if you are part of the same "entity" or "strategy".

This has already been discussed a lot in this thread:
viewtopic.php?f=2&t=2835&start=150

They track people by physical addresses, ip addresses, and possibly betting behaviour. Although a match doesn't necessarily mean they will link you, it does mean they're likely to suspend your account pending investigation.