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?
Betting tax query
May 05, 2005
5 Replies
I think Betting tax was abolished a year or two ago.
Nothing
Abolished in October 2001?
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
Thanks to all who replied. Clearly, I rarely bet!
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