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I supplement my income from horse racing, both telephone accounts and bookmakers (high street and on the rails) plus casino winnings and private games of poker/cards on a regular basis. I am a member of a private syndicate whose record is astonishing (we make our own bets based on advice on the day).....my wife and I also accumulated very quickly considerable cash from the "Hearts" pyramid scheme in 2001 and use that to boulster our betting bank which we use to help pay for holidays, pay off credit cards etc. how does the HMRC view these winnings as they are not my main source, but are a considerable contributor to my earnings.

Lord J

Submitted: 104 days and 2 hours ago.

Category: Tax

Value: $45

Status: CLOSED

Accepted Answer

Hello hjk,

In the UK, gambling winnings are not taxable, if this is not your main source of income.

But a professional gambler who has no other income and living on gambling may have to declare his profits (winnings less losses less travelling and other expenses) for tax purposes.

1. To be taxable the gambling gain must be derived from carrying on a “business”
2. Casual winnings or occasional race bets are not subject to tax
3. The test is to look at intention, to conduct enterprise of a commercial character or for entertainment.

If this is not your main source of income, then this would not be taxable in the UK.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you hjk.

Accepts:
Expert:	Merlo
Pos. Feedback:	99.8 %
Answered:	8/10/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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