Earnings from Gambling - taxation - Questions
I just moved to England from France (my home country) few months ago. *The ".com" bookmakers are not longer able to place bets in France. Furthermore, the odds proposed by french bookmakers are 15% less than the normal ones, which is not worth it.
This year, I have earned a lot, therefore I have several sports betting questions for you :
1) I know that the money won in England is not taxable, so how should I declare it in England ? Should I fill out a form ? Which one ?
2) Will anyone ask me to prove my winnings ? If so, what proof would I need to provide ? I'm using Moneybookers and I have had several transactions with them. I'm also using a broker named "Premium Tradings". Should I also give proof of my transactions ? The main question is : what is the income tax for sportsbetting winnings ? What proof should I give if asked ?
Thank you in advance for your assistance. Feel free to ask for any further information.
Last edited by cosseyant; 27/09/2012 at 12:49.
The UK income tax year runs from 6th April to 5th April each year, so there is no need to do anything at present here.
An annual tax return is due by the following 31st January where you need to declare all of your taxable income and you can volunteer any additional information - some people think it wise to mention gambling winnings, others do not.
Last edited by kwazulunatal; 27/09/2012 at 13:18.
Last edited by cosseyant; 27/09/2012 at 18:21.
Gambling winnings do not have to be declared to the tax authorities - there is no liability for tax.
The flip side is , of course, that you cannot offset losses from gambling either.
Bit silly editing your post, then quoting the reason why. No?
Originally Posted by cosseyant
... indeed, probably best to leave it especially since kwaz had edited his post as well to remove the mention of gnoming, I wouldn't have noticed otherwise!
I think it really depends on where you are tax resident. This is where you spend more than 183 days a year. If you are tax resident in France you most likely will have to tax your gambling income acording to the tax regulations in France.
If during the year you spent over 183 days in england you wont have to tax your gambling income.
Anyway to be 100% sure I would recomend you having a chat with a fiscal advisor.
By munk in forum Day to Day Life
Last Post: 18/04/2012, 16:02
By Dopple in forum Day to Day Life
Last Post: 24/01/2012, 16:26