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Sam
Sam, Accountant
Category: Tax
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You say "I would submit that such activities are most

Customer Question

You say "I would submit that such activities are most improper and would probably require a licence which it almost certainly does not possess" In which way is it improper assuming the necessary licences are in place?
Submitted: 5 months ago.
Category: Tax
Expert:  bigduckontax replied 5 months ago.

Well if the company is licenced that is quite a dirrerent matter.

You should have followed up on the original question which will make it easier for me to respond.

Customer: replied 5 months ago.
Sorry, I thought I had responded to you. Is the tax position that the shareholder gets tax free profit and the company gets no deduction? In what way is that improper?
Expert:  bigduckontax replied 5 months ago.

It is the gambling which was improper unless the company had the necessary licences when the whole position changes. In that case the shareholders activities would be gambling and profits and losses outside the scope of UK taxation. As far as the company is concerned the profits and losses would be part of its trading activity and also may be liable to General Betting Duty.