Tax On Sports Betting AND Tips Selling

[tbuckland]

Hi,

I've been doing sports betting for a few years, make a steady profit alongside another source of (taxable) income.

I know sports betting is not taxable in the UK and I know that selling the TIPS is. It's set up as a Ltd company and we pay 20% corp tax yearly pretty simple and haven't had any issues yet with it.

I saw something that scared me slightly the other day that was along the lines of: "If you sell tips (which I do), this can actually lead to your SPORTS BETTING PROFITS themselves being taxable?

I'm hoping this is just BS but wanted to check with the forum as have come here for awesome tax advice in the past.

Thanks,
T.

 

[ffsear]

Are you betting with money you have paid yourself? Or with cash still held by your Ltd company?

 

[tbuckland]

Are you betting with money you have paid yourself? Or with cash still held by your Ltd company?

It would be with money that's already been taxed. So income from a sole trader account profit was then put into a betting account and it's been scaled over the years. E..G. 3 years ago made £40k from being a sole trader, deposited £10k into a betting account. Nowadays that's a lot more and only withdraw some off the top every month.