, but considering the way that political parties are looking to get every penny they can nowadays I'd be interested to know if anyone has any idea what the future may holdEffect of change of government
Does anyone have any thoughts on the effects of a possible change of government on us good trading folk? I'm not suggesting that taxing the likes of Peter and Adam Heathcote would fill the entire hole in public finances , but considering the way that political parties are looking to get every penny they can nowadays I'd be interested to know if anyone has any idea what the future may hold
, but considering the way that political parties are looking to get every penny they can nowadays I'd be interested to know if anyone has any idea what the future may hold
if gambling was taxable it would cost them money.
Most people lose and they would put their losses against their tax.
I'm sure betfair pay taxes on their profits like bookmakers do, so that's where they get the tax revenue from us gambling and trading.
Most people lose and they would put their losses against their tax.
I'm sure betfair pay taxes on their profits like bookmakers do, so that's where they get the tax revenue from us gambling and trading.
We used to be taxed. Betting tax was paid by the bookie deducting it from your winnings and passing it on to the Gov. You couldn't use your losses to offset the tax you paid on winnings.
In theory nothing to stop them re-introducing it but I think the offshore bookmaker situation makes it less attractive.
Seabird
In theory nothing to stop them re-introducing it but I think the offshore bookmaker situation makes it less attractive.
Seabird
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I agree with Seabird, never really got the arguement about being able to offset your losses as they used to tax betting in the UK and as far as I know people didn't offset. If I am right you choose to either pay tax before the event on your stake??? or on your winnings???
Not 100% sure as I was far too young back then, perhaps some older forum members could shed light on what it used to be like?
But I never hear anyone saying they used to offset against gambling losses.
Not 100% sure as I was far too young back then, perhaps some older forum members could shed light on what it used to be like?
But I never hear anyone saying they used to offset against gambling losses.
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aligammack
- Posts: 104
- Joined: Wed Apr 15, 2009 2:49 pm
Betting tax was abolished in 2001 for punters who used to pay 9% either on the original stake or on their winnings.
Bookmakers are now taxed approx 15% on their gross profits. The main reason why this was introduced was to return the major bookmakers from their offshore sites back to mainland UK. This move saved the government millions of pounds not to mention there was a huge increase in demand and an increase in jobs.
In conclusion, this reform was such a success that in my view there is no chance it will return to pre 2001 status.
Bookmakers are now taxed approx 15% on their gross profits. The main reason why this was introduced was to return the major bookmakers from their offshore sites back to mainland UK. This move saved the government millions of pounds not to mention there was a huge increase in demand and an increase in jobs.
In conclusion, this reform was such a success that in my view there is no chance it will return to pre 2001 status.