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Gambling winnings...count as an income?

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  • silverwhistle
    silverwhistle Posts: 4,003 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    General_Grant wrote: »
    What do you mean by that question?


    Is the gambling a way of laundering untaxed earnings...
  • andygb
    andygb Posts: 14,655 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    No, there is absolutely no tax on gambling in the UK, doesn't matter how much you win.


    https://www.casinoguide.co.uk/gambling-winnings-tax


    Another way to make money, which is a form of gambling (but with more stable odds) is to buy and sell classic cars. If they are a hobby and you run them for a while whilst their value appreciates, then sell them, you are not liable to pay CGT (capital gains tax) because they are regarded as a "wasting asset".
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