What about Professional Gamblers ?

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Hello everyone I am beginner in Gambling. Can anyone tell me about the gamblers in detail? What are gamblers and who are they? Thanks

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Betting Lord 4 months 1 Answer 223 views 0

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  1. Genc

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    İt may seem logical that the tax situation would be different for professional gamblers than it is for occasional punters. When it comes to pure winnings from betting, however, that quite simply is not the case. As we have discussed above these winnings are not taxable and this remains true even for a ‘professional gambler’. That is because HMRC do not recognize professional gambling as a taxable trade.

    In fact, within their most up to date ‘Business Income Manual’, HMRC clearly define their position on professional gambling.

    Gambling winnings, therefore, remain free of tax regardless of whether they make up an individual’s main source of income. Where the situation can get a little more complicated, however, is in the case of income related to gambling but not actually direct winnings from gambling. Appearance fees paid to poker players for playing at certain tournaments, for instance, represent payment for a service provided to the tournament organizers and as such may be taxable.
    Away from the UK, too, tax laws and legislation do differ and it would benefit a professional gambler outside of the UK to research the specific rules and regulations within their own country.

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