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Where Taxpayers and Advisers Meet

Gambling/Betting Related Query vs Individual

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm
Re: Gambling/Betting Related Query vs Individual

Postby bd6759 » Tue Oct 13, 2020 11:42 pm

HMRC see it this way
https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim22015
Onwards

LukeTelescope
Posts:1
Joined:Sat Jul 03, 2021 12:18 pm

Re: Gambling/Betting Related Query vs Individual

Postby LukeTelescope » Sat Jul 03, 2021 12:28 pm

Interesting topic. I play poker at what are becoming fairly high stakes with a small group of friends and family. I had a fairly large loss to my brother recently which prompts me to think about the question, is there any possibility that HMRC might take the position that this could be classified as a 'potentially exempt transfer' for inheritance tax purposes, if I ended-up passing away in the next seven years and my estate was challenged?

Would I be wise to start keeping records of the games and transfers? Games are mostly played with cash (it's really the same cash circulating!), should I start making/receiving bank transfers instead perhaps so there's a clearer evidence trail?

Thanks.

Lambs
Posts:1611
Joined:Wed Aug 06, 2008 3:15 pm

Re: Gambling/Betting Related Query vs Individual

Postby Lambs » Sat Jul 03, 2021 2:56 pm

See also Mark's recent brief article here:

https://www.markmclaughlin.co.uk/taking-a-gamble

Regards,

Lambs


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