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Old 12-31-2005, 06:44 AM
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Default Do you think the UK Tax laws will change for gambling?

I live in the UK and I was VERY suprised to learn that gambling winnings are not taxable here. (They manage to tax you for just about everything else)

My plan is to learn to play poker to the level that can generate a modest second income, in return for a few hours online play per week. It's wonderful that (at present) the government can't touch that money.

Someone, somewhere in London must be thinking "We are missing out on a shed-load of income (via taxation) from the poker/gambling boom"???

I'm just wondering how long it'll be before they change the law to start taxing gambling winnings?

'Probably about the exact same time that I figure out how to win! [img]/images/graemlins/frown.gif[/img]

Oh well, back to SSHE at double speed [img]/images/graemlins/cool.gif[/img]

Regards,
Ian
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Old 12-31-2005, 06:58 AM
ipp147 ipp147 is offline
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Location: Croydon, England
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Default Re: Do you think the UK Tax laws will change for gambling?

[ QUOTE ]
I live in the UK and I was VERY suprised to learn that gambling winnings are not taxable here. (They manage to tax you for just about everything else)

My plan is to learn to play poker to the level that can generate a modest second income, in return for a few hours online play per week. It's wonderful that (at present) the government can't touch that money.

Someone, somewhere in London must be thinking "We are missing out on a shed-load of income (via taxation) from the poker/gambling boom"???

I'm just wondering how long it'll be before they change the law to start taxing gambling winnings?

'Probably about the exact same time that I figure out how to win! [img]/images/graemlins/frown.gif[/img]

Oh well, back to SSHE at double speed [img]/images/graemlins/cool.gif[/img]

Regards,
Ian

[/ QUOTE ]

Hi Ian,

My understanding is that if they want to tax on gambling winnings then they will have to let you offset gambling losses. More people lose than win.
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