Articles About gambling tax

Tips On How To Claim Gambling Losses

Olena April 21, 2021 00:47:05

If you are a keen gambler or sports bettor, you should know how to claim gambling losses and/or winnings on your taxes. Here are some tips that will help you to determine how to do it and why it is better for you to report your gambling misfortunes.

VAT on Gaming Machines – What were the HRMC’s Disputes?

Saida May 26, 2020 14:10:07

VAT as we know is the tax levied on the product’s every stage of the supply chain. That may start from the raw materials and reach the final purchase. We are used to paying VAT tax on most of the products around us. And the gambling industry here is not an exception. Therefore, taxpayers should also pay the VAT on gaming machines. A variety of online gambling sites, like the Betway Sportsbook, only increases the importance of VAT in the gambling industry. Therefore, more and more countries are making modifications in their legislation regarding gaming machines. For instance, Belgium removed the VAT exemption for online gambling in 2016.

Belgium Online Gambling VAT Exemption Removed

Akos July 7, 2016 09:10:34

Following the decision of the House of Representatives, the Belgium Gambling VAT exemption will be lifted for online and cash games from August 1st. Currently, all forms of gambling in Belgium are exempt from Value Added Tax. However, from August 1st “all gambling or cash games, except for lotteries, will be subject to VAT to […]

Budget reveals tax on free bets but gambling otherwise untouched

david March 17, 2016 13:10:45

Prior to the budget, shares in UK gambling companies had fallen in fear of tough new regulations. However, they have now risen as a tax on free bets is the only new measure. Overall, Chancellor George Osborne’s budget was good news for UK gamblers. Until its release on Wednesday, there were fears of punitive tax […]