#HMRC

Players looking to have some fun online must consider their options beforehand. Misconceptions about online casinos can cause players to make a wrong decision, and by familiarizing yourself with your options, you can make an informed decision about what's best for you. Both sides of the coin have benefits going in their favor, but a decision must…

The trading of so-called "unbacked cryptoassets" such as Bitcoin (BTC) and Ether (ETH) should be regulated as gambling rather than a financial service, a panel of British lawmakers said in a new report. The United Kingdom is currently working on a crypto regulatory framework that would mix existing financial asset laws with new crypto-specific…

The First-tier Tribunal rejected an appeal filed by Broadway Gaming, a UK-based online gaming company, against Her Majesty's Revenue and Customs (HMRC) over a £4.9 million ($6.39 million) gaming tax refund. One of the main reasons the First-tier Tribunal dismissed the bingo and online casino operator's claim was Broadway Gaming's failure to provide…

The FTT case demonstrates why gambling winnings are not subject to UK tax laws, as there is legal support for this position. Taxes on profits are not collected from casinos or betting sites, but from remote gaming operators who are charged 15 percent. Gambling winnings do not have to be taxed, at least in the UK. Any profits or stakes you have won…

Gambling in the UK is generally tax-free. However, those who are professional gamblers are outside tax territory. para 22015 of the HMRC Business Income Manual states this. Gambling and betting, thus, do not necessarily constitute transactions. client wondered if professional gambling was a trade or not and whether its winners had to be taxed on…

isn't taxable to the fullest extent in the UK, since most of the world recognizes that. In this country, you won't need to pay taxes on your winnings or stakes in return for their use. This game exists even if you've won £100. Any form of gambling-from bingo to slots to lotteries to horse racing-is subject to this tax. You must report to the IRS…

Gambling winnings can't be taxed in any country or location of the world; at least in the UK. Any winnings or stakes you earn here will not need to be taxed. There is no winning percentage whether you won £100 or £1 million. All gambling types-including bingo, slots, lotteries, as well as racing- are subject to this requirement. No matter how much…

UK casino and gaming operator Rank Group is set to get a 77.5 million pounds ($104.04 million) refund after having reached an agreement with the British tax authority over value-added taxes paid on slot machine income between 2006 and 2013, the company announced on Monday. The company stated the proceeds will be used to strengthen its balance sheet…

Just as the US has opened up a regulated gambling market in the last three years, so Canada is preparing the ground for legal online and offline sports and casino betting in 2021. Many are welcoming the opportunity to give more choice to consumers and raise much needed taxes as the world emerges from the pandemic, whilst others are nervous about…

Rank said the first-tier tribunal had agreed a 60-day extension to allow Revenue and Customs (HMRC) and Rank to agree the exact size of the claim, with the gambling firm still expecting to receive around £80m. Pubs, arcades and betting firms are set to receive billions in tax refunds after they were unfairly charged VAT by the government on some of…

eanBackPlayer on the health status of the gambling industry, giving an insight into current trends and what the future may hold. The company collected the whole spectrum of the critical data to provide a complete picture of the current situation in the industry. According to LeanBackPlayer's report issued on July 20, data provided by the UK…

A firm run by EuroMillions winner who scooped a £148million prize has claimed furlough cash - and she is said to be refusing to pay it back. Multimillionaire Gillian Bayford's firm boasts an investment property portfolio worth £17million, but her company still cashed in on the government's coronavirus crisis rescue package. Her property company and…