Tax on Investments?

tonyinessex

Firstly, I need to explain my history;
Ok, so I've been a professional gambler for the last 8 years (after learning about matched betting on this site), so I haven't paid any tax on my winnings, even though it is my only source of income.

I gamble on a bit of a niche market, and I also gamble on behalf of a few friends and family with their permission.
I was a bit unsure about whether I would have to pay tax on the winnings I have made on behalf of other people, so I sought the advice of a tax barrister who believes that, because all the money is mine, I am still gambling and therefore not liable to pay tax.

I now have some spare cash I want to invest and I am unsure about what the tax implications are. My questions are;

How much tax would I have to pay if I invested/lent money on this site - https://www.fundingcircle.com - ? Would it be classed as income or capital gains?

I currently rent a house. If I bought a house, I wouldn't pay capital gains tax on any profits from reselling it, would I?

How about if I invested in a share fund? Capital gains again is it?

Also, if I did pay any tax, would the IR then want to look into the last 8 years of my gambling to see where all my money came from?

CLAPTON

tonyinessex wrote: »

Firstly, I need to explain my history;
Ok, so I've been a professional gambler for the last 8 years (after learning about matched betting on this site), so I haven't paid any tax on my winnings, even though it is my only source of income.

I gamble on a bit of a niche market, and I also gamble on behalf of a few friends and family with their permission.
I was a bit unsure about whether I would have to pay tax on the winnings I have made on behalf of other people, so I sought the advice of a tax barrister who believes that, because all the money is mine, I am still gambling and therefore not liable to pay tax.

I now have some spare cash I want to invest and I am unsure about what the tax implications are. My questions are;

How much tax would I have to pay if I invested/lent money on this site - www.fundingcircle.com - ? Would it be classed as income or capital gains?

I currently rent a house. If I bought a house, I wouldn't pay capital gains tax on any profits from reselling it, would I?

How about if I invested in a share fund? Capital gains again is it?

Also, if I did pay any tax, would the IR then want to look into the last 8 years of my gambling to see where all my money came from?

it would make sense to read the information on the fundingcirle website about tax. (but mainly income tax and maybe some cgt)


if you buy a house and live there as your primary residence then any gain is tax free
if you rent it out then income taxx on the rent profit and cgt on the increase in price upon sale


a share fund will have income tax on divide and cgt on gains

chrismac1

See my other posts on this topic going back 5 years about the desriability of getting a "tax shield" in place. I'd be interested in knowing how you are getting around bookies' limits which finished off my own profitable part time career in betting rugby and tennis 6 years or so ago. By the time I finished I had well over 100 betting accounts but of those, other than Betfair which was hit and miss for my sports, only 2 were letting me bet more than £10 on anything, which kills off the fun when you mant to get £800 down.