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Hey! I'm Charlie from the UK. I'm not quite ready for big poker, but have made a little profit here and there from various other betting things. I was wondering - are these taxable? I haven't actually found anything about it so could use some advice. Had a poke around this tax website (after-tax.co.uk) but haven't been able to find much about if I pay it or not, but got some numbers. Hoping someone here can guide me in the right direction!
Thanks
All gambling winnings are tax free for the punter in the UK, including poker. Likewise you can’t offset losses against your tax bill. The former is one reason why the U.K. is a popular place to live for top pros.
The operators are (in theory) taxed on their profits. Hence why many set up in tax friendly places like the Isle of Man and Gibraltar.
Welcome to the forums btw and please do ask as many questions as you like. Online poker is a great way to learn the game for free, or just a few pennies.
In India, the same situation with the taxation of gambling operators. Tax on lottery in India has been increased https://bovegas.com/blog/news/lotter...sion-in-india/, so many most successful India lottery distributors trying to evade paying taxes. However, tax evasion rates are much higher in India than for example in the United States.
You know there's even really lot of the gambling jokes about tax evasion!