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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4956
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Hi, I have just joined an investment run by a man giving a

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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.
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 4 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.

Pleased to be of assistance Richard.

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