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Do you have to declare gambling winnings to HMRC?

It doesn't matter whether you're winning small or big amounts, you don't have to pay betting tax on your bets and you don't need to declare your gambling winnings to the HMRC.

bettinggods.com - Do You Have To Declare Gambling Winnings To HMRC? - Betting Gods

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A question we’re getting asked more and more from UK residents is, do you have to declare gambling winnings to HMRC? Thankfully, the answer is no, and this applies to both amateur and professional gamblers. What we do advise you to do if you’re a successful gambler is to keep a record of your winnings, especially if they are substantial. If you’re living off your winnings, or have used them to purchase cars or holidays, then HM Revenue & Customs (HMRC) may wonder how you’re living beyond the means of any taxable income you have earned at work, etc. If the HMRC ever asks you about your lifestyle, you will then have the proof to show them that you have won this money gambling, and not got it from any criminal activity or by evading paying taxes on the money you’ve earned from legal employment but not declared.

History Of Betting Tax In The United Kingdom

The United Kingdom is one of the best countries in the world to gamble. Not only do you not have to pay income tax on any winnings to the HMRC, but you also don’t need to pay betting tax. But this hasn’t always been the case in the UK. Betting was illegal in the UK until 1960, when the Betting and Gambling Act of the same year decreed that punters must pay a 9% betting tax on either their stake or their winnings. Thankfully, betting tax in the UK was abolished in 2001 – thanks, Gordon Brown!

Does Anyone Pay Betting Tax In The UK?

While amateur or professional gamblers don’t need to pay betting tax of any form in the United Kingdom, bookmakers and other types of betting sites do have to pay betting tax to the government. Bookmakers and betting sites fall into different categories when it comes to taxation, such as general betting duty, lottery duty, remote betting duty, bingo duty, gaming duty, and machine games duty. But as a punter, this isn’t something that you need to worry about. If you are interested in how much tax gambling businesses must pay in the United Kingdom then, as of 1 October 2019, online bookmakers must obtain a license to operate in the United Kingdom and are required to pay tax of 15% on their earnings from UK customers. Online gambling sites, such as online casinos, are required to pay 21% tax on any profits from their UK-based gambling activities.

Gambling Tax For Professional Gamblers

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While some people think it’s unfair that professional gamblers are not taxed on their earnings, the UK government has yet to determine a difference between amateur and professional gamblers. It doesn’t matter if you win £50,000 in one bet or win the same amount of money by placing thousands of bets over the course of a year, the answer to do you have to declare gambling winnings to HMRC is no. However, if you’re the type of professional gambler that ventures to other countries to place bets, then you may have to pay betting tax in other countries. So, whether you’re taking a trip to the US to bet on the Breeders Cup, gambling at a casino in a foreign country, or playing in poker tournaments, you may be liable for betting tax on earnings in other countries.

Do Professional Betting Tipsters Have To Pay Tax To The HMRC?

Professional betting tipsters that offer subscription services to punters will have to pay tax on these earnings, as they are selling a product at the end of the day. This is no different to how your self-employed electrician will be paying tax on his or her earnings. But professional betting tipsters also boost their incomes by betting on their own selections, and they don’t have to declare their gambling winnings to the HMRC for taxation purposes.

Do I Have To Declare Winnings From Tips To HMRC?

No, just because tipsters must pay tax on the subscriptions they earn, doesn’t mean you have to pay tax on the winnings you make by betting on your tipster’s tips. That’s one of the many reasons why professional betting tips have become a popular way of making an extra income, while some professional gamblers also use a wide variety of tipsters so that they don’t need any other form of taxable employment.

A Summary Of Betting Tax In The UK

Betting tax in the UK is something that punters don’t have to worry about, whether you’re an amateur or a professional gambler. It doesn’t matter whether you’re winning small or big amounts, you don’t have to pay betting tax on your bets and you don’t need to declare your gambling winnings to the HMRC. We hope that’s answered your question, do you have to declare gambling winnings to the HMRC.

bettinggods.com - Do You Have To Declare Gambling Winnings To HMRC? - Betting Gods

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