Betting tax query

How much tax would be due on an online bet of, say, a 100gbp on the size of Labour's majority? I guess it must depend on how much the winnings are (let's say 20gbp plus the 100gbp back) -- or is the tax levied on the initial bet instead/as well?

Reply to
Jan
Loading thread data ...

I think Betting tax was abolished a year or two ago.

Reply to
Tumbleweed

Nothing

Reply to
Jonathan Bryce

Abolished in October 2001?

Reply to
Doug Ramage

Tax is no longer levied on the stake or on the winnings but on a proportion of profit made by the betting companies (bookmakers).

Alec

Reply to
Alec

Thanks to all who replied. Clearly, I rarely bet!

Reply to
Jan

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.