Does Matched Betting Tax Your Earnings? Tax Law in UK Gambling
Taxes are something that bother you… isn’t it right? You have known all the way that anything you earn, when it crosses a certain limit, it is taxable. Evidently, you might have the notion, as a punter, or a prospective punter, any additional income you earn from Matched Betting is taxable by law. If it’s not being taxed then either you are earning lesser than a considerable limit or something illegal is happening. But, wait for a second, and give the whole matter a second thought.
The fact – you don’t have to pay taxes!
Yes, you did read it correct – there is absolutely no need to pay taxes on any amount of additional earnings you receive from Matched Betting. You can certainly rejoice to your heart’s extent! You don’t have to worry about paying taxes, and moreover, you can use the earnings in whatever legal way you can. You would not have to think about ways to hide a portion of it, or visit a lawyer’s office about knowing tricks to avoid taxes. There is no more any mental stress. You can happily concentrate on betting and making better strategies to earn more, in a sustainable manner.
Tax Law in UK Gambling
It is helpful to know a bit of history and recent changes in the Tax regulations pertaining to the gambling activities in UK. When you know the facts and have the correct information, you can be more confident about participating enthusiastically in Matched Betting.
There was a tax law that mandated the collection of netting duties on each and every Matched Betting activity. To be specific, the rate of duty was 6.75%. Resultantly, the betting platforms and services used to transfer the burden of the duty to punters. As a punter, you had to pay at a rate of 9% tax on your profits/stakes put up-front.
The whole matter was not very compatible with the overall dynamics of Matched Betting. It was more restrictive in scope and less flexible in terms of attributes. Also, the margin of profits could be not very promising in most of the cases.
Gradually, the bookies thought one-step ahead and decided to move their businesses legally to zones and regions where they did not have to pay taxes to the government and pass the burden to punters. BetVictor (previously Victor Chandler) was moved to Gibraltar.
The event of moving the betting business to other regions had an effect on tax policies. The concerned authorities completely abolished the betting duty on Matched Betting. Now, there was no need to pay taxes to the government. Since then, it has been a relief to the bookies, and likewise, to punters.
Related Article: Does Matched Betting Work? Is it Safe? What are the Risks?
Get involve in Matched Betting
As you know now that there is no provision or regulation to pay taxes on your earnings from Matched Betting, there is no problem in getting involved in the betting market and become an expert punter over the years in this highly exciting field. Earn more without the liability of tax-payment!
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