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bigduckontax
bigduckontax, Accountant
Category: Tax
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Hi, I have just joined an investment run by a man giving a

Customer Question

Hi, I have just joined an investment run by a man giving a 5% return on investment from him trading on Betfair and with bookmakers, will the profits be subject to tax, thank you.
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Profits from gambling are outside the scope of UK tax. Even a professional gambler is only taxed on income from appearance money, lecturing, giving demonstrations etc.

Are you quite sure this is not a scam? Please be careful, it sounds slightly suspicious.

Anyway, the best of fortune.
Customer: replied 3 years ago.

Hi bigduck, thank you for your reply, you are quite right about it being a scam, I am in the process of taking the man to court and he is saying I will be in trouble with the tax man if I continue, well I think you have just put that point to rest, thank you,Richard.

Expert:  bigduckontax replied 3 years ago.
Pleased to be of assistance Richard.

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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.

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