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Are winnings taken as income when claiming?
Comments
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wow...sterotyping much...Again, I ask how you can afford to gamble when on benefits? I'm guessing you have quite a bit coming in from DLA and Mental Illness. They always seem to get a fair wodge. A couple of people I know are on that and they spend their days playing fruit machines and supping away. They don;t seem very ill to me. They know what they are doing when it comes to the gambling.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
The police, crown prosecution service and the courts are not interested in that sort of fraud. I'd like to see a bookie report a customer to the police for taking advantage of a bonus. It's just not going to happen especially considering most bookies are not even based in the UK. The only real comeback a bookie has is to void the winnings before payment to the customer.The bookie, arguably. If the "mate" is using someone else's identity because he couldn't place the bet in his own name for whatever reason, eg he's already used his own bonus or he's been gubbed, then using someone's else's identity to do the same is arguably fraud.
In any case, the "mate" is at the very least getting an income for services.
Still don't think it's income though. Otherwise, I'd have a nice big tax refund coming my way.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Many years ago, while I was on IB & IS I allowed someone, on a regular basis to give me cash in turn I wrote them a cheque for the money to their credit card company, over a period of time it ran into a couple of grand, I made nothing on it, I thought nothing of it.
One day I got a letter from DWP inviting for an interview under caution. It was a nightmare experience for me, and I had a devils own job proving that the money wasn't mind.
Sadly the person wasn't too keen to assist in admitting their involvement, even though the credit card was in someone else's name it made no difference.
Eventually after many long weeks of worry and investigation they accepted my story. That was the end of me doing favours for people.0 -
What a convincing counter argument!You're making this up as you go along!
Read any online bookie's T&Cs and they will state that you can't open or operate and account in anyone else's name. If you breach that term and obtain a financial advantage from doing so (eg get bonuses you couldn't have got yourself), I really can't see how that's not fraud.
Or do you think it's OK to open an ISA in someone else's name with the intention of investing your own money and keeping some of the tax free interest yourself? Which is a similar scenario and definitely illegal.
That is beside the issue that providing a service for money = income
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Very likely true, but you appear now to accept it is fraud!The police, crown prosecution service and the courts are not interested in that sort of fraud. I'd like to see a bookie report a customer to the police for taking advantage of a bonus. It's just not going to happen especially considering most bookies are not even based in the UK. The only real comeback a bookie has is to void the winnings before payment to the customer.
How would you get a tax refund?Still don't think it's income though. Otherwise, I'd have a nice big tax refund coming my way.0 -
That's not illegal... In what way is that illegal? What's the crime? That's actually a valid way of minimizing tax due by placing money into the name of a dependent or even a friend. I'm assuming the person holding the money in their name for someone else knows about this and they aren't hiding money.What a convincing counter argument!
Read any online bookie's T&Cs and they will state that you can't open or operate and account in anyone else's name. If you breach that term and obtain a financial advantage from doing so (eg get bonuses you couldn't have got yourself), I really can't see how that's not fraud.
Or do you think it's OK to open an ISA in someone else's name with the intention of investing your own money and keeping some of the tax free interest yourself? Which is a similar scenario and definitely illegal.
That is beside the issue that providing a service for money = income
It's not income in the benefit claimants hands so no effect on the OP's benefit.:footie: Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Not fraud. A breach of T's and C's yes but not fraud. Fraud being the criminal offence.Very likely true, but you appear now to accept it is fraud!
How would you get a tax refund?
Tax refund by claiming bets placed as an expense against the income received from my share of the winning bets placed in other peoples names. Other expenses can then be claimed against this income such as the mobile phone, computer and broadband all of which are essential tools for a matched betting exercise.:footie: Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
It's obtaining a financial advantage by pretending to be someone else.Not fraud. A breach of T's and C's yes but not fraud. Fraud being the criminal offence.
But you're supposedly placing a bet on behalf of your mate, therefore using their money, and you take a % of their winnings.Tax refund by claiming bets placed as an expense against the income received from my share of the winning bets placed in other peoples names.
If you're not making a profit out of the service you provide to your mate, then why do it? If you're just doing them a favour and aren't making any money, just covering your expenses, there's no issue.Other expenses can then be claimed against this income such as the mobile phone, computer and broadband all of which are essential tools for a matched betting exercise.0 -
http://www.hmrc.gov.uk/isa/faqs.htmThat's not illegal... In what way is that illegal? What's the crime? That's actually a valid way of minimizing tax due by placing money into the name of a dependent or even a friend. I'm assuming the person holding the money in their name for someone else knows about this and they aren't hiding money.
It's not income in the benefit claimants hands so no effect on the OP's benefit.
You can gift someone money, which they use to put into an ISA, but the money is then theirs and you have no claim to it. They could, if they wanted, gift it back to you, but you couldn't force them to.You cannot hold an ISA jointly with, or on behalf of, anyone else.0 -
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