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Tax On Winnings

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The £84m win in the UK has made me think ,"How long will it be before the Revenue targets winnings as income or as if it were an inheritance?"

Eg. spread betting on a share's rise or fall, isn't functionally different to investing in shares.

Taxes on winnings are imposed in Europe and in the USA.

Do you think that in the scramble to raise funds the UK will or should go the same way?

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The £84m win in the UK has made me think ,"How long will it be before the Revenue targets winnings as income or as if it were an inheritance?"

Eg. spread betting on a share's rise or fall, isn't functionally different to investing in shares.

Taxes on winnings are imposed in Europe and in the USA.

Do you think that in the scramble to raise funds the UK will or should go the same way?

I think the only reason they are not taxed is because most people lose money doing so. so if you tax it they would lose more from people being able to offset losses against tax

Edited by Tamara De Lempicka

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I think the only reason they are not taxed is because most people lose money doing so. so if you tax it they would lose more from people being able to offset losses against tax

What about if it wasn't treated as income? Eg. the tax law could say that any win over the inheritence tax threshold should be treated in the same way as an inheritance...

Just playing Devil's Advocate.

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I think re-introduction of betting duty would be a good move. Should raise a few quid and be politically pretty sound.

After all, it's hardly an essential spend.

Should probably be on winnings only, none of this idea of paying the tax before you bet.

That way, you only pay if if you win so you *might* not mind as much.

Betfair take at least 5% of winnings, and up to 20% from their most successful punters.

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"The Chancellor announced in the 2001 Budget that the current tax on betting stakes would be replaced with a tax on bookmakers' gross profits."

Link.

My gut feeling is that gambling tax should be on the bet not the winnings.

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The £84m win in the UK has made me think ,"How long will it be before the Revenue targets winnings as income or as if it were an inheritance?"

Eg. spread betting on a share's rise or fall, isn't functionally different to investing in shares.

Taxes on winnings are imposed in Europe and in the USA.

Do you think that in the scramble to raise funds the UK will or should go the same way?

Please don't confuse pure gambling (spread betting) with investing in the productive economy.

Though it has to be said, the boundary becomes blurred when the stock market encourages parasitical high-frequency trading (or flipping, to get the language on topic for HPC).

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This is exactly the sort of thing that needs to be stamped out....

http://www.bloomberg...7E8_4EeI&pos=11

I agree. It seems that one of the things that Cameron wants to do is suppress the less moral aspects of the economy via taxation. This includes speculative things like gambling, synthetic speculative stuff in the City, and cheap booze in the supermarkets and clubs.

I hope he's successful with this. Labour was trying to turn the country into a totalitarian gulag of immorality.

Edited by Toto deVeer

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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