Quote:
Originally Posted by Mike Haven
https://www.gov.uk/hmrc-internal-man...anual/bim22017
"... Some ‘professional gamblers’ do carry on a trade, for example, where they receive appearance money for appearing on television programmes. They are providing a service to a customer (the television production company) for reward. Whether their gambling winnings are proceeds of that trade would depend upon the facts."
They have also stated that running a staking outfit as a corporate entity might be liable for taxes as well.
In general though, afaik staking is still 0 percent as it is somewhat similar in application to a lottery syndicate, which is for sure untaxed in the UK.
You will not have to pay tax on staking unless it is a massive stable and even then. Obviously affiliate earnings etc. would still be taxable.
Mike is correct that the UK is a more solid 0 percent than Malta as HRMC have stated their position on gambling winnings in the UK. Malta have not.
Ireland is also tax-free. The reason stems from the large horse-racing industry and incentives for that. If your horse wins a big prize abroad - no tax. So it attracted a big industry as a result.
Portugal pretty much tax-free but it's a bit more grey area, although less so than Austria where things are very muddled.
Last edited by Mike Haven; 08-28-2020 at 04:36 PM.
Reason: 2 posts merged