Gambling winnings...count as an income?

I you win £6k profit in a tax year, does this have to be declared as “earnings”???

Asking for a friend...
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  • Tallaght
    Tallaght Posts: 1,632 Forumite
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    Are you self employed ?
  • sportsarb
    sportsarb Posts: 1,069 Forumite
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    Its not earnings, because although there is some skill in betting, it is not 'earned'.

    It would fall to be treated as capital though if it resides in a bank account.
  • Morata_
    Morata_ Posts: 182 Forumite
    If your self employed it counts??
  • nicechap
    nicechap Posts: 2,852 Forumite
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    edited 18 May 2019 at 2:31PM
    Morata_ wrote: »
    I you win £6k profit in a tax year, does this have to be declared as “earnings”???

    Asking for a friend...

    Depends on how it was won.

    Was tax paid on the stake money?

    What does their accountant say?

    Does your friend not have access to google either?

    https://www.beatthatdeal.com/are-poker-winnings-taxed-in-the-uk/
    Originally Posted by shortcrust
    "Contact the Ministry of Fairness....If sufficient evidence of unfairness is discovered you’ll get an apology, a permanent contract with backdated benefits, a ‘Let’s Make it Fair!’ tshirt and mug, and those guilty of unfairness will be sent on a Fairness Awareness course."
  • Ring HMRC, tell them the situation and they'll tell you what you need to do, simples.
  • Hi,


    if self employed can losses be offset against earnings/tax?
  • DavidT67
    DavidT67 Posts: 498 Forumite
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    No! LOL....
  • General_Grant
    General_Grant Posts: 5,245 Forumite
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    nicechap wrote: »
    Depends on how it was won.

    Was tax paid on the stake money?

    What do you mean by that question?
  • Hi,


    there's no tax on bets now, either on stake or winnings.
  • Xbigman
    Xbigman Posts: 3,912 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    DavidT67 wrote: »
    No! LOL....

    Whats LOL about it?

    If you are self employed and your business involves gambling then it is taxable as well as tax deductible.

    If you are a self employed plumber then gambling is a personal activity and its not taxable, although if its more than a few quid you had best keep receipts/records to prove it. And don't put it through a business account.


    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
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