Hey all. I'm new so please bear with. I often bet on matches and races, and recently have been much more successful in doing that. Most of the time anything I win would pay for my first pint on a good day, but income is income and the govt still expects a chunk of it I assume. Can someone confirm for me if bets are indeed taxable? Checking out this tax calculator it says I'm very close to the next tax band (according to this calculator https://www.after-tax.co.uk/ ) and I'm sure the government would love to take half of everything I make Cheers.
No, betting winnings were made non taxable in the UK from 2001, so anything you win now is completely yours you don't even have to declare it to HMRC. Good luck with the betting, any tips would be greatly appreciated
