Betting tax query


J

Jan

How much tax would be due on an online bet of, say, a 100gbp on the size of
Labour's majority? I guess it must depend on how much the winnings are (let's
say 20gbp plus the 100gbp back) -- or is the tax levied on the initial bet
instead/as well?
 
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T

Tumbleweed

Jan said:
How much tax would be due on an online bet of, say, a 100gbp on the size
of
Labour's majority? I guess it must depend on how much the winnings are
(let's
say 20gbp plus the 100gbp back) -- or is the tax levied on the initial bet
instead/as well?
I think Betting tax was abolished a year or two ago.
 
A

Alec

Jan said:
How much tax would be due on an online bet of, say, a 100gbp on the size
of
Labour's majority? I guess it must depend on how much the winnings are
(let's
say 20gbp plus the 100gbp back) -- or is the tax levied on the initial bet
instead/as well?
Tax is no longer levied on the stake or on the winnings but on a proportion
of profit made by the betting companies (bookmakers).

Alec
 
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J

Jan

Tax is no longer levied on the stake or on the winnings but on a proportion
of profit made by the betting companies (bookmakers).

Alec
Thanks to all who replied. Clearly, I rarely bet!
 

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