Why are gambling winnings not taxed in the United Kingdom?
up vote
18
down vote
favorite
I recently moved to England and was somewhat surprised to learn that gambling winnings are not taxed. A Google search reveals this article from Forbes that explains that such a tax would be at most revenue neutral. According to the author, the UK would want also to give tax credits for losses. Then since the bookies take a slice, there will be more losses than winnings, hence more credits than taxes, and the government will lose money on the whole.
One obvious objection is that tax policy is up to the government, and rates can presumably be tuned so that credits for losses are not as substantial as the taxes on gains.
It is interesting that the article focuses on spread betting in the financial industry and its parallels to more traditional forms of gambling like horse racing and poker playing. I am wondering if the real reason that gambling winnings are not taxed is to make the UK more attractive to the financial industry, so that the capital gains tax rate here can be offset by spread betting?
united-kingdom taxes money
asked Nov 22 at 9:59
user2309840
380211
|
show 7 more comments
up vote
18
down vote
favorite
I recently moved to England and was somewhat surprised to learn that gambling winnings are not taxed. A Google search reveals this article from Forbes that explains that such a tax would be at most revenue neutral. According to the author, the UK would want also to give tax credits for losses. Then since the bookies take a slice, there will be more losses than winnings, hence more credits than taxes, and the government will lose money on the whole.
One obvious objection is that tax policy is up to the government, and rates can presumably be tuned so that credits for losses are not as substantial as the taxes on gains.
It is interesting that the article focuses on spread betting in the financial industry and its parallels to more traditional forms of gambling like horse racing and poker playing. I am wondering if the real reason that gambling winnings are not taxed is to make the UK more attractive to the financial industry, so that the capital gains tax rate here can be offset by spread betting?
united-kingdom taxes money
asked Nov 22 at 9:59
user2309840
380211
12
@user2309840 Since it appears you are originally from the US, take note that your gambling winnings are still taxable by the US. The US government does not care that your winnings come entirely from the UK, its lottery system or that they're not taxable in the UK. All that matters is that you are American and any money you receive from anywhere while you are anywhere is taxed by Uncle Sam. This is only true for Americans and not for anyone else (i.e. a Brit living in the US who wins money in Las Vegas does not pay tax to Queen Elizabeth)
– CodyBugstein
Nov 22 at 14:20
1
@RedSonja then perhaps they should rename their revenue agency? gov.uk/government/organisations/hm-revenue-customs
– CodyBugstein
Nov 22 at 14:50
1
@CodyBugstein Ah yes, non-logical terminology. This is Her Majesty as head of the government, not as Aunt Lillibet. But you'd need some kind of lawyer to state it correctly. Anyway, the money does not go to her. Well, only some of it, and not directly.
– RedSonja
Nov 22 at 14:52
2
@RedSonja no, the money goes to her, but she has delegated the decision making of how to spend it. And she's the Head of State, not the Head of Government
– Caleth
Nov 22 at 16:05
1
@RedSonja Given the mention of "Uncle Sam", I don't think Cody meant it literally to the Queen. I think he only mentioned her as a symbol of the government. Anyway, good discussion.
– JoL
Nov 22 at 23:02
|
show 7 more comments
up vote
18
down vote
favorite
up vote
18
down vote
favorite
I recently moved to England and was somewhat surprised to learn that gambling winnings are not taxed. A Google search reveals this article from Forbes that explains that such a tax would be at most revenue neutral. According to the author, the UK would want also to give tax credits for losses. Then since the bookies take a slice, there will be more losses than winnings, hence more credits than taxes, and the government will lose money on the whole.
One obvious objection is that tax policy is up to the government, and rates can presumably be tuned so that credits for losses are not as substantial as the taxes on gains.
It is interesting that the article focuses on spread betting in the financial industry and its parallels to more traditional forms of gambling like horse racing and poker playing. I am wondering if the real reason that gambling winnings are not taxed is to make the UK more attractive to the financial industry, so that the capital gains tax rate here can be offset by spread betting?
united-kingdom taxes money
asked Nov 22 at 9:59
user2309840
380211
I recently moved to England and was somewhat surprised to learn that gambling winnings are not taxed. A Google search reveals this article from Forbes that explains that such a tax would be at most revenue neutral. According to the author, the UK would want also to give tax credits for losses. Then since the bookies take a slice, there will be more losses than winnings, hence more credits than taxes, and the government will lose money on the whole.
One obvious objection is that tax policy is up to the government, and rates can presumably be tuned so that credits for losses are not as substantial as the taxes on gains.
It is interesting that the article focuses on spread betting in the financial industry and its parallels to more traditional forms of gambling like horse racing and poker playing. I am wondering if the real reason that gambling winnings are not taxed is to make the UK more attractive to the financial industry, so that the capital gains tax rate here can be offset by spread betting?
united-kingdom taxes money
united-kingdom taxes money
asked Nov 22 at 9:59
user2309840
380211
asked Nov 22 at 9:59
user2309840
380211
edited Nov 22 at 10:25
asked Nov 22 at 9:59
user2309840
380211
asked Nov 22 at 9:59
user2309840
380211
asked Nov 22 at 9:59
user2309840
380211
380211
12
@user2309840 Since it appears you are originally from the US, take note that your gambling winnings are still taxable by the US. The US government does not care that your winnings come entirely from the UK, its lottery system or that they're not taxable in the UK. All that matters is that you are American and any money you receive from anywhere while you are anywhere is taxed by Uncle Sam. This is only true for Americans and not for anyone else (i.e. a Brit living in the US who wins money in Las Vegas does not pay tax to Queen Elizabeth)
– CodyBugstein
Nov 22 at 14:20
1
@RedSonja then perhaps they should rename their revenue agency? gov.uk/government/organisations/hm-revenue-customs
– CodyBugstein
Nov 22 at 14:50
1
@CodyBugstein Ah yes, non-logical terminology. This is Her Majesty as head of the government, not as Aunt Lillibet. But you'd need some kind of lawyer to state it correctly. Anyway, the money does not go to her. Well, only some of it, and not directly.
– RedSonja
Nov 22 at 14:52
2
@RedSonja no, the money goes to her, but she has delegated the decision making of how to spend it. And she's the Head of State, not the Head of Government
– Caleth
Nov 22 at 16:05
1
@RedSonja Given the mention of "Uncle Sam", I don't think Cody meant it literally to the Queen. I think he only mentioned her as a symbol of the government. Anyway, good discussion.
– JoL
Nov 22 at 23:02
|
show 7 more comments
12
@user2309840 Since it appears you are originally from the US, take note that your gambling winnings are still taxable by the US. The US government does not care that your winnings come entirely from the UK, its lottery system or that they're not taxable in the UK. All that matters is that you are American and any money you receive from anywhere while you are anywhere is taxed by Uncle Sam. This is only true for Americans and not for anyone else (i.e. a Brit living in the US who wins money in Las Vegas does not pay tax to Queen Elizabeth)
– CodyBugstein
Nov 22 at 14:20
1
@RedSonja then perhaps they should rename their revenue agency? gov.uk/government/organisations/hm-revenue-customs
– CodyBugstein
Nov 22 at 14:50
1
@CodyBugstein Ah yes, non-logical terminology. This is Her Majesty as head of the government, not as Aunt Lillibet. But you'd need some kind of lawyer to state it correctly. Anyway, the money does not go to her. Well, only some of it, and not directly.
– RedSonja
Nov 22 at 14:52
2
@RedSonja no, the money goes to her, but she has delegated the decision making of how to spend it. And she's the Head of State, not the Head of Government
– Caleth
Nov 22 at 16:05
1
@RedSonja Given the mention of "Uncle Sam", I don't think Cody meant it literally to the Queen. I think he only mentioned her as a symbol of the government. Anyway, good discussion.
– JoL
Nov 22 at 23:02
12
12
@user2309840 Since it appears you are originally from the US, take note that your gambling winnings are still taxable by the US. The US government does not care that your winnings come entirely from the UK, its lottery system or that they're not taxable in the UK. All that matters is that you are American and any money you receive from anywhere while you are anywhere is taxed by Uncle Sam. This is only true for Americans and not for anyone else (i.e. a Brit living in the US who wins money in Las Vegas does not pay tax to Queen Elizabeth)
– CodyBugstein
Nov 22 at 14:20
@user2309840 Since it appears you are originally from the US, take note that your gambling winnings are still taxable by the US. The US government does not care that your winnings come entirely from the UK, its lottery system or that they're not taxable in the UK. All that matters is that you are American and any money you receive from anywhere while you are anywhere is taxed by Uncle Sam. This is only true for Americans and not for anyone else (i.e. a Brit living in the US who wins money in Las Vegas does not pay tax to Queen Elizabeth)
– CodyBugstein
Nov 22 at 14:20
1
1
@RedSonja then perhaps they should rename their revenue agency? gov.uk/government/organisations/hm-revenue-customs
– CodyBugstein
Nov 22 at 14:50
@RedSonja then perhaps they should rename their revenue agency? gov.uk/government/organisations/hm-revenue-customs
– CodyBugstein
Nov 22 at 14:50
1
1
@CodyBugstein Ah yes, non-logical terminology. This is Her Majesty as head of the government, not as Aunt Lillibet. But you'd need some kind of lawyer to state it correctly. Anyway, the money does not go to her. Well, only some of it, and not directly.
– RedSonja
Nov 22 at 14:52
@CodyBugstein Ah yes, non-logical terminology. This is Her Majesty as head of the government, not as Aunt Lillibet. But you'd need some kind of lawyer to state it correctly. Anyway, the money does not go to her. Well, only some of it, and not directly.
– RedSonja
Nov 22 at 14:52
2
2
@RedSonja no, the money goes to her, but she has delegated the decision making of how to spend it. And she's the Head of State, not the Head of Government
– Caleth
Nov 22 at 16:05
@RedSonja no, the money goes to her, but she has delegated the decision making of how to spend it. And she's the Head of State, not the Head of Government
– Caleth
Nov 22 at 16:05
1
1
@RedSonja Given the mention of "Uncle Sam", I don't think Cody meant it literally to the Queen. I think he only mentioned her as a symbol of the government. Anyway, good discussion.
– JoL
Nov 22 at 23:02
@RedSonja Given the mention of "Uncle Sam", I don't think Cody meant it literally to the Queen. I think he only mentioned her as a symbol of the government. Anyway, good discussion.
– JoL
Nov 22 at 23:02
|
show 7 more comments
1 Answer
1
active
oldest
votes
up vote
36
down vote
Wow, so my understanding was way out of date. Here's a history of taxation and gambling in the UK, which includes what I though was still the case;
The first shops opened in 1961 but under the condition that a new levy was to be charged at 6.75% to bookmakers. Bookies passed this on to punters in the form of a 9% betting tax. The tax could either be paid at the time of placing a bet or on the winnings instead. A levy of 9% on winnings can be a lot of money so most people elected to pay the tax on the stake.
In short winnings are not taxed because it is considered more efficient to tax businesses that provide the ability to gamble than it is to tax people gambling regardless of whether they win or lose.
By requiring the Business to pay the tax, collection of the duty is passed onto a third party, meaning HMRC doesn't need to keep track of each individual bet made by large numbers of individual punters. Each facet of the Gambling industry pays these taxes, or duties at slightly different rates. The National Lottery for instance includes a 12% duty, while Machine Game Duty seems less straight forwards.
This duty, or gambling tax is in addition to other taxes these businesses would expect to pay in the course of their operation.
answered Nov 22 at 10:15
Jontia
3,3571826
3
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
add a comment |
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1 Answer
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up vote
36
down vote
Wow, so my understanding was way out of date. Here's a history of taxation and gambling in the UK, which includes what I though was still the case;
The first shops opened in 1961 but under the condition that a new levy was to be charged at 6.75% to bookmakers. Bookies passed this on to punters in the form of a 9% betting tax. The tax could either be paid at the time of placing a bet or on the winnings instead. A levy of 9% on winnings can be a lot of money so most people elected to pay the tax on the stake.
In short winnings are not taxed because it is considered more efficient to tax businesses that provide the ability to gamble than it is to tax people gambling regardless of whether they win or lose.
By requiring the Business to pay the tax, collection of the duty is passed onto a third party, meaning HMRC doesn't need to keep track of each individual bet made by large numbers of individual punters. Each facet of the Gambling industry pays these taxes, or duties at slightly different rates. The National Lottery for instance includes a 12% duty, while Machine Game Duty seems less straight forwards.
This duty, or gambling tax is in addition to other taxes these businesses would expect to pay in the course of their operation.
answered Nov 22 at 10:15
Jontia
3,3571826
3
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
add a comment |
up vote
36
down vote
Wow, so my understanding was way out of date. Here's a history of taxation and gambling in the UK, which includes what I though was still the case;
The first shops opened in 1961 but under the condition that a new levy was to be charged at 6.75% to bookmakers. Bookies passed this on to punters in the form of a 9% betting tax. The tax could either be paid at the time of placing a bet or on the winnings instead. A levy of 9% on winnings can be a lot of money so most people elected to pay the tax on the stake.
In short winnings are not taxed because it is considered more efficient to tax businesses that provide the ability to gamble than it is to tax people gambling regardless of whether they win or lose.
By requiring the Business to pay the tax, collection of the duty is passed onto a third party, meaning HMRC doesn't need to keep track of each individual bet made by large numbers of individual punters. Each facet of the Gambling industry pays these taxes, or duties at slightly different rates. The National Lottery for instance includes a 12% duty, while Machine Game Duty seems less straight forwards.
This duty, or gambling tax is in addition to other taxes these businesses would expect to pay in the course of their operation.
answered Nov 22 at 10:15
Jontia
3,3571826
3
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
add a comment |
up vote
36
down vote
up vote
36
down vote
Wow, so my understanding was way out of date. Here's a history of taxation and gambling in the UK, which includes what I though was still the case;
The first shops opened in 1961 but under the condition that a new levy was to be charged at 6.75% to bookmakers. Bookies passed this on to punters in the form of a 9% betting tax. The tax could either be paid at the time of placing a bet or on the winnings instead. A levy of 9% on winnings can be a lot of money so most people elected to pay the tax on the stake.
In short winnings are not taxed because it is considered more efficient to tax businesses that provide the ability to gamble than it is to tax people gambling regardless of whether they win or lose.
By requiring the Business to pay the tax, collection of the duty is passed onto a third party, meaning HMRC doesn't need to keep track of each individual bet made by large numbers of individual punters. Each facet of the Gambling industry pays these taxes, or duties at slightly different rates. The National Lottery for instance includes a 12% duty, while Machine Game Duty seems less straight forwards.
This duty, or gambling tax is in addition to other taxes these businesses would expect to pay in the course of their operation.
answered Nov 22 at 10:15
Jontia
3,3571826
Wow, so my understanding was way out of date. Here's a history of taxation and gambling in the UK, which includes what I though was still the case;
The first shops opened in 1961 but under the condition that a new levy was to be charged at 6.75% to bookmakers. Bookies passed this on to punters in the form of a 9% betting tax. The tax could either be paid at the time of placing a bet or on the winnings instead. A levy of 9% on winnings can be a lot of money so most people elected to pay the tax on the stake.
In short winnings are not taxed because it is considered more efficient to tax businesses that provide the ability to gamble than it is to tax people gambling regardless of whether they win or lose.
By requiring the Business to pay the tax, collection of the duty is passed onto a third party, meaning HMRC doesn't need to keep track of each individual bet made by large numbers of individual punters. Each facet of the Gambling industry pays these taxes, or duties at slightly different rates. The National Lottery for instance includes a 12% duty, while Machine Game Duty seems less straight forwards.
This duty, or gambling tax is in addition to other taxes these businesses would expect to pay in the course of their operation.
answered Nov 22 at 10:15
Jontia
3,3571826
answered Nov 22 at 10:15
Jontia
3,3571826
answered Nov 22 at 10:15
Jontia
3,3571826
answered Nov 22 at 10:15
Jontia
3,3571826
3,3571826
3
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
add a comment |
3
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
3
3
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Reminds me of the hassle I heard them having over people making money off ebay sales (apparently owed at least £860 million) - finding and tracking all of those people is far from a simple task. Doing the same with gambling would likely cause a similar headache. Best to go straight to the company and make them sort it out.
– Lio Elbammalf
Nov 22 at 15:04
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
Do you happen to know what duty a financial trading company that administers spread betting for investors would have to pay? Is it really only 3%?
– user2309840
Nov 23 at 10:45
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
@user2309840 I do not have a full understanding of the taxation structure for spreadbetting, the linked site in the answer has an overview, suggesting there's no tax for the placing and winning spread bets through a bookmaker. But it also states it is regulated by the FCA, which suggest Gambling Duties would not apply. I would also assume that only financial spread betting is regulated by the FCA and sports spread betting is different.
– Jontia
Nov 23 at 11:32
add a comment |
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12
@user2309840 Since it appears you are originally from the US, take note that your gambling winnings are still taxable by the US. The US government does not care that your winnings come entirely from the UK, its lottery system or that they're not taxable in the UK. All that matters is that you are American and any money you receive from anywhere while you are anywhere is taxed by Uncle Sam. This is only true for Americans and not for anyone else (i.e. a Brit living in the US who wins money in Las Vegas does not pay tax to Queen Elizabeth)
– CodyBugstein
Nov 22 at 14:20
1
@RedSonja then perhaps they should rename their revenue agency? gov.uk/government/organisations/hm-revenue-customs
– CodyBugstein
Nov 22 at 14:50
1
@CodyBugstein Ah yes, non-logical terminology. This is Her Majesty as head of the government, not as Aunt Lillibet. But you'd need some kind of lawyer to state it correctly. Anyway, the money does not go to her. Well, only some of it, and not directly.
– RedSonja
Nov 22 at 14:52
2
@RedSonja no, the money goes to her, but she has delegated the decision making of how to spend it. And she's the Head of State, not the Head of Government
– Caleth
Nov 22 at 16:05
1
@RedSonja Given the mention of "Uncle Sam", I don't think Cody meant it literally to the Queen. I think he only mentioned her as a symbol of the government. Anyway, good discussion.
– JoL
Nov 22 at 23:02