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Gambling Industry in the UK with the Explanation of the Tax to Government

 

Online gambling industry is one of the fast-rising sectors in the world with regular progress and new innovations. Even, the technology has developed the industry in an amazing way that helps the developers to develop creative gaming enthusiasts.

But whatever game you want to play, it is difficult to do anything in your life without paying to the government in the form of tax. The gambling industry is also not exceptional in such a case. If you win in any casino gambling game, you have to provide information about your gambling winnings to the government first. But here are some tax explanations of the Gambling industry in the UK that would definitely make you surprised.


UK Gambling Tax System:


The tax system for UK gambling is very advantageous for the players. Not only does it would work in your favour but it is also very easy to understand and follow their rules and regulations.

Whenever you play casino games in the UK, you don’t need to pay any tax to the government, whatever it is. You don’t have to pay tax on your winning money and not even you have to pay tax on your initial stake. So, it simply means that you don’t have to inform your winnings to the taxman. So, for example, if you win Euro 4000 at an online casino, you can keep the entire amount with you. This is great differences in the policies of gambling winnings with other countries where you are not able to keep the whole amount of your winnings with you.


Who then Get Taxed in the UK for Gambling?


The gambling industry is worth a lot of money, thus, the UK government taxes the operators instead of the players. However, this was not happened in past. Previously, the player also used to pay tax to the government either in the form of tax on your stake or as a tax on your winnings.

In the year 2002, the UK government realized that the gambling industry of the UK would not be able to compete with the online gambling industry of the UK and other parts of the world. The government then decided to eliminate the tax from the players and keep the tax of the operator and we can see today that the decision was successful.


Gambling as a Profession in the UK:


So, becoming a gambling professional might be the only professions that is not actually taxed in the UK. If you are already gambling for a living or planning to take the gambling industry as your profession, then you are the lucky one as you don’t need to pay a single penny to the taxman on your gambling winnings. The professional gamblers can find new casinos sites at new-casinos.uk to get more online sites to choose from.

The reason for taking such decision by the government is very simple. According to the current tax system in the UK, if the government was allowed to tax you for doing any activity like gambling, then you would have the ability to claim your money back from the government for any losses.


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