The General
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All,
For what it's worth:
1) You are not treated like 'ordinary' gamblers because with us there is a paper trail. If a professional gambler makes 10k on the 2.30 at Cheltenham, nobody knows.
2) Because there is this difference, it is of course tempting for the IR to state that as CT's income is solely derived from SB'ing then that is taxable.
3) They will (I believe) make this ruling public as, by definition, if Sb'etting is your sole source of income then you must be a winner. It is obvious that people who are NOT winning (generally) at SB'ing and declare this income as their sole source of income will have to get a job soon.
In my opinion, when the tax man analyses the situation, the above will happen. Only safety net - keep SOME other form of income. They will NEVER (imho) tax this situation as their downside would be MASSIVE.
Cheers,
The General.
For what it's worth:
1) You are not treated like 'ordinary' gamblers because with us there is a paper trail. If a professional gambler makes 10k on the 2.30 at Cheltenham, nobody knows.
2) Because there is this difference, it is of course tempting for the IR to state that as CT's income is solely derived from SB'ing then that is taxable.
3) They will (I believe) make this ruling public as, by definition, if Sb'etting is your sole source of income then you must be a winner. It is obvious that people who are NOT winning (generally) at SB'ing and declare this income as their sole source of income will have to get a job soon.
In my opinion, when the tax man analyses the situation, the above will happen. Only safety net - keep SOME other form of income. They will NEVER (imho) tax this situation as their downside would be MASSIVE.
Cheers,
The General.