Hi
I have just been made redundnat from my job and am deciding what to do.
For the last 4 years , I have mad in excess of 25,000 a year from betting. I see bookmakers as another form of stockmarket but thats another story.
I am now seriousley considering taking a year out to spend with family and also to travel a bit.
I will still continue my betting hobby , but the question I have , Will I be Liable to tax on my betting income , if it is my sole income?
John
Betting (as opposed to bookmaking) is normally exempt from tax. If it were not, the IR would have to allow the losses for tax purposes too. :)
Thanks Doug
I will still have a small part time job to keep things ticking ove rin the background and NI etc........
All my betting is online so if ever it was needed , I have a record of all transactions , and I currently save 25% of all winnings for a rainy day.
Nope, the hendon mob guys (pro poker players) have this article online which should back you up.
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