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Betting line tax deal bet on golf this week

Tuesday 6st, October 8:46:52 Am
Video 25 - Taxes on Gambling Income


Betting tax applies to a bet placed with an operator by a person located in WA at the time that the bet was made or by a body corporate whose principal place of business is located in WA.

Betting operators are responsible for determining where bets have been placed in Australia.

Determine the location of the person or the body corporate placing the bet at the time the bet is placed. If you conduct betting operations in the Indian Ocean Territories, you may also be liable for betting tax. See details of the arrangement between Western Australia and the Commonwealth. Goal line Alternative goal line wagers are those which do something that traditional overunder market does not.

It offers whole goals which increases the risk on a bet, because then it introduces a push option which can cause a loss. But the odds may be more appealing and there is also a split bet on alternative goal line wagers available where you split your stake between two goal-line options. More information Goal Line Bet. Goliath A Goliath consists of bets involving 8 selections in different events.

An arbitration service which was launched to deal with betting disputes between punters and bookmakers. Lay When a bookmaker accepts bets it is often said that they lay a bet. Tax Day is right around the corner, and sports wagering winnings should be part of a bettor’s annual filing.

Nathan Rigley, a lead tax research analyst at HR Block, recently spoke with nacreo.us to offer advice for bettors making preparations for and beyond. The first thing to realize is that any winnings are taxable and bettors should include it on a tax return.

Just because a taxpayer doesn’t receive a tax form, it does not make the winnings tax-free, he said. Serious bettors must not only be savvy with betting lines, but also with record keeping. The IRS advises gamblers to keep an accurate diary or record to substantiate wins and losses on a tax return. A little extra work can pay big dividends in the long run. Punters with stakes in listed gambling companies have become used to nasty regulatory surprises.

Only this week shares in the sector retreated amid reports that the culture secretary was prepared to. Learn how online betting works with taxes in the United Kingdom. Find out who pays the tax and what you need to do to stay on the right side of the law. Tax used to be on bookies but they passed to punters.

Bookmakers must now pay 15 POI tax but not punters. POI tax on any games of chance increased from 15 to 21 but again not for punters. In the UK any and all winnings from gambling either online or at betting shops are entirely tax free and do not need to be declared as part of any tax return. This does not affect punters themselves, though, and will be dealt with separately further down this page.

Will the situation ever change. In essence, spread betting is not taxable under UK tax laws, and many UK-based Forex brokers arrange their business around spread betting. This means, profits made by UK traders are essentially tax-free. As a downside, UK traders don’t have the ability to use their trading losses as a basis for tax deductions of other income. Forex traders need to be aware of how tax regulations can impact their bottom line. According to the IRS, Forex options and futures traders, as well as spot Forex traders, need to file their capital gains under either Section or Section The latter of. Live In Play Betting Sites and Guide It's hard to imagine that before the advent of online betting there were only very limited ways to bet on sporting events once they had already started.

Back then you needed to place your bets in advance using th Any regular live bettor must have an account with Ladbrokes as you will find many additional lines and events available here not found with other bookies.

Offering full cash out, bet editing and odds boosting features they provide a lot of utility to punters when betting in play. Price boosts and associated live offers are also very good, often enhancing value compared to other brands.

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Get free betting tips, predictions odds for the world's biggest sporting events! Our experts at BettingOnline hand pick their favorite matches daily! We look at the best markets, the best bookies and find you the best deal for a sports bet. Whilst we can’t guarantee you a victory as nothing in life is certain apart from death and taxes, we give you the best chance of making that win. Betting Promotions Free Bets Premier League Free Bets Champions League Free Bets Bet Builder Ladbrokes Best Acca Ladbrokes Betting Promo Codes. Gambling losses are indeed tax deductible, but only to the extent of your winnings.

This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you itemize your deductions.

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If you claim the standard deduction, then you can't reduce your tax by your gambling losses. Keeping track of your winnings and losses.

The IRS requires you to keep a diary of your winnings and losses as a prerequisite to deducting losses from your winnings. No, gambling is tax free in the UK. While players in some countries such as the USA, France, and Macau have to deal with gambling taxes between 1 and 25, bettors in the United Kingdom have the privilege of keeping the entirety of their winnings.

As a matter of fact, both online and offline gamblers in Britain don’t have to waste their time thinking about taxes. If you’ve been gambling for a while, you might recall dealing with betting duties years ago, except Gordon Brown, who was Chancellor of the Exchequer at the time, scrapped that tax in Thanks to the sudden rise and perceived thre. Punters will no longer be taxed for having a bet after today's Budget brought in sweeping changes to the betting duty system.

Chancellor Gordon Brown announced that bookmakers would be taxed on their gross profits at a rate of 15. He is scrapping the system in which the Government collects betting duty of from bookmakers, which is passed on to punters in a 9 tax. "UK plc wins because we have a real opportunity to be the world's leaders in on-line betting and turn the bookmaking industry into a big earner of foreign currency.

"The international potential is huge. We have the best-regulated bookmaking industry in the world and punters from every country want to bet with us.

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Discover the differences between spread betting and share dealing, including the ability to go long or short, the capital required and whether you have a right to stock ownership.

Trade a wide range of markets, including shares, indices, forex and commodities. Trade via a stocks and shares ISA or SIPP for tax-free profits.

Trade using leverage to open a position for a fraction of the full value of the trade. Pay the full value of your shares up front. You pay stamp duty on each trade, and capital gains tax on any profits, except those made from trades using a stocks and shares ISA or SIPP. Free from Capital Gains Tax - no CGT to pay on your trading profits.

Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary. 1 point spreads available on the UK, Germany 30, France 40 and Australia during market hours on daily funded trades daily future spread bets and CFDs excluding futures. Does the betting tax make Matched Betting unprofitable in Germany?

BUT it is important to incorporate the tax in the right way, to make sure your calculations are accurate. Of course your profit would have been bigger if there were no tax, but there is still plenty of money to be earned. Here are just some of the possibilities of how you may encounter the betting tax Tax deducted from the stake. Tax deducted from the winnings. Tax deducted only if your bet wins. You have to pay the tax yourself. The authorities have proposed a possible 1 tax on all bets.

We examined the effect of the potential tax on sportsbook operators. The figures used to calculate the repercussions of the tax was the figures submitted by Nevada’s licensed sportsbooks. The numbers permitted an inquiry into Nevada’s sports book, which is presumed to have not been published.

Alan Morrison, a representative from Indiana, has presented a bill which grants the national sports leagues 1 on any bets placed. Morrison refers to the tax as an integrity fee. The proposed state tax for gaming revenue is and the current federal excise tax on a handle is 0,25.

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Betting on sports is part of the fun for many sports fans even if their wagering hasn’t always been technically legal. Supreme Court decision opened the door for every state to legalize sports betting, just four states allowed wagering on sports Nevada, Delaware, Montana and Oregon.

If you plan to do some wagering in a state that’s legalized sports betting, it’s important to understand how tax on your winnings will work. Let’s take a look at how the IRS treats gambling winnings of any kind. Earning money through matched betting is tax-free because it's classed as 'gambling winnings'. This makes matched betting one of if not the only way in which you can guarantee tax-free earnings if you live inside the UK.

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There are various betting tax models you need to know in order to make sure you get maximum profit. What does the betting tax mean for punters exactly? In layman’s terms it means that instead of odds, you’re going for because of the tax. Or to put it another way, if you want to place sports bets, after the betting tax deduction, you only have 95 available. Let’s clarify something at this point.

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The fact that the German betting tax exists, doesn’t mean all bookmakers pay it.

Some non-EU-licensed bookmakers might not be paying the tax at all. Sports Betting Taxes You Have To Pay. Gaming income, from MyBookie, FanDuel or DraftKings Sportsbook, like most other income you receive during the year, is taxable. Whether or not you receive a W-2G, the income you earned is required to be reported on your personal income tax return. Example You won playing bingo and during the year you spent to play. Line 21 of the tax return would show the gross winnings of even though your net gain was only If you want to learn more about tax liabilities generate by casino games you should read this in-depth guide. File your gambling tax return.

Gambling Tax Service online service guide for General Betting Duty, Pool Betting Duty and Remote Gaming Duty. Gambling Tax Reform Information Notes.

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How to pay taxes on bets and winnings in the bookmaker office? Should I pay taxes from income receiving through betting? How to pay taxes if you make online betting? Also, many bettors in our country are interested in the question of whether they should pay taxes if they make bets on the Internet?

The answer is positive should. The tax is imposed on the profit received by the bettor in the process of making bets. The player must pay 13 of the income tax to the state. To do this, you need to come to the tax authority at the place of registration and provide a declaration about the profit. Betting sites in the UK usually deal in both the Stirling pound and the Euro with most also accepting custom from Ireland and some other countries in the European Economic Zone.

It is not fully understood how Brexit will affect bookies business in the UK. Popular deposit methods in the UKCredit card, Paysafecard, Debit cards, Fast bank transfer, Neteller, Skrill, Paypal, Entropay, Bank Wire, Western Union, Cheque. All Gambling Winnings Are Taxable Income. Find Out What is Considered Gambling Income and How Much Tax You Have to Pay on Your Gambling Winnings.

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Illinois Betting Sites and Sportsbooks.

Online sports betting is now legal in Illinois, but it will be some time before the first apps are approved to accept wagers from the public.

In the meantime, horse racing and fantasy sports sites and the online lottery are already legal and offer a similar experience. Fantasy Sports Additional local tax An additional 2 tax will be collected from operators located in counties with a population in excess of 3 million.

Money collected from this tax will go to support that county’s criminal justice system. SB lacked details regarding regulations, licensing conditions and tax rates and passed the forming of regulations on to a state agency.

Which agency that would have been was left unsaid in the bill, but that too was to be decided at a later point. Hence, assume that online betting is illegal. However, there are many legal form of betting in India. One of them is Intraday stock trading which comes under speculative income. Only because RBI not the govt. Banned cryptocurrencies, the larger audience including law enforcement also started treating it as illegal. It’s always better to stay in the right side of law.

Hence, assume that online betting is illegal. However, there are many legal form of betting in India. One of them is Intraday stock trading which comes under speculative income.

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There’s a feeling of deja vu as Pennsylvania gambling properties prepare to launch sports betting. Pennsylvania Gaming Control Board Director of Licensing Susan Hensel noted at a Global Gaming Expo panel at the Sands Convention Center in Las Vegas this week that the state has been underestimated before, and that it is likely to happen again. They said the casino tax rate would never work, Hensel noted, but today, Pennsylvania is the No.

2 state in the country in casino revenues.

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You couldn’t blame Hensel for making the comparison between sports betting, where Pennsylv. The funds are wagering billions of dollars on companies they believe will benefit from a wave of takeover deals designed to lower taxes for U.S. The boom in "inversion" deals, in which a U.S.

Firm buys a foreign company and moves overseas, has raised the ire of President Barack Obama, who has said the practice is "wrong." But many bankers and lawyers believe the trend could continue until at least the end of the year, potentially enabling hedge funds to make hefty profits. All the free bets and bookmaker offers in the one place.

Claim free bet bonuses and see the latest offers. What kind of Free Betting Offers are available? This all depends on what the current deals are, but offers all usually revolve around you being a new customer. Some of the most used offers include Matched Deposit Bonus Offers. With this offer, whatever amount you first deposit you will be given as a free bet matched to the same amount.

For example, Deposit and get a free matched bet. Tax haven is usually considered to be a country where the tax laws are favorable for overseas investor. Online sports betting portal with bookmaker reviews, current bookmaker bonuses, free betting predictions, betting guides, sport events analysis and news from the world of betting. Many of you have probably come across the concept of "tax haven" when dealing with online betting.

Which countries belong to them? Why do online bookmakers open their offices there? You will find all the answers to these questions here. If you are interested in information on this subject - we invite you to read our article. Where are the offshore territories? Malta the most frequently chosen tax haven.

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In sports betting, horse race betting and cash-game poker, gaming taxes are calculated on the total amount bet, not as a percentage of gross gaming revenue. This system creates an extremely high effective tax rate, and is the primary driver of operator losses.

ARJEL’s first President, Jean-Franois Vilotte, argued for a change to a gross gaming revenue basis, but French politicians rejected his arguments.

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Current ARJEL President Charles Coppolani has taken up the battle, and over the last couple of years has tried to convince government ministers that the change is necessary. Capital gains tax is a form of tax which is paid on profits from financial market trading.

So how come spread betting is exempt from this tax when other forms of financial trading are not? Here is how the tax-free nature of spread betting works. A spread bet is considered to be a bet! It is not treated as a financial transaction because when spread betting, you are not purchasing or holding the physical asset. Online betting is universal regardless of your location. However, the betting offer can differ quite a lot. Based on years of market research, with the specific national law system in mind, online sportsbooks are without a doubt not the same everywhere.

The objective of this page is to show you all betting sites, sorted by the markets in which they are available. In order to find out more about the online betting offer in your country of residence, just click on the country name, and you’ll find out!

Besides an extensive list of betting sites that are available to you, you will also get to lea.

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No lose bets are free bets that are granted to new customers if their first bet is unsuccessful. So if you lose, you can still count on getting all or at least a proportion of your money back as a free bet. Although it seems generous, these are not considered as good value as basic free bets because you’ll only get the deal if you don’t win.

Free bets won’t make a dent in your bank balance, but some bookmakers place strict conditions on their deals. These are often related to withdrawing any winnings, and may oblige you to wager the value of any free bet numerous times prior to getting access to your funds. That means even if your first bet was a winner, you could end up losing the lot because you’re forced to place a further series of bets.

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Matched betting is nothing like that. In fact, it sounds way too good to be true a simple system where the profit is totally risk and tax free. With an hourly rate rewarding enough to make even the most handsomely paid lawyer’s eyes water. As I said, it sounds too good to be true. When buying a bet on bet we want to choose one that can be sold for similar or lower odds at Betfair.

This used to take a lot of manual searching but now there are plenty of calculators online that do all the hard work for you. I headed to the free odds comparison service at Oddsmonkey to search for a match. You need to sign up for a free account to be able to access it. Reload offers’ are different, they are offered to people who already have an account.

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Enjoy free betting predictions posted by experienced tipsters from all nationalities. Join the community share your opinion! To add a bet, use the "add to coupon" button or click the odds while browsing through Oddspedia. Bookmakers we suggest to use in Russia.

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Legal Betting Online, Las Vegas, Nevada. Legalbettingonline is the tool every smart bettor needs Understand the legality of your wagers Indiana lawmakers have introduced a bill to legalize sports betting and would set the tax rate to on gross revenue if passed. Indiana lawmakers have introduced a bill to legalize sports betting and would set the tax rate to on gross revenue if passed.

The NFL on Thursday announced a three-year sponsorship deal with Caesars Entertainment worth 30 million per year. The NFL on Thursday announced a three-year sponsorship deal with Caesars Entertainment worth 30 million per year. Legal Betting Online shared a photo.

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File free taxes online with an easy-to-use tax preparation system from HR Block. HR Block tax software and online prices are ultimately determined at the time of print or e-file. All prices are subject to change without notice. HR Block is a registered trademark of HRB Innovations, Inc. Emerald Cash Rewards are credited on a monthly basis. Rewards are in the form of a cash credit loaded onto the card and are subject to applicable withdrawalcash back limits.

If you find an error in the HR Block online tax program that entitles you to a larger refund or smaller liability, we will refund the fees you paid us to use our program to prep.

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Betting tax Tax on a Bookmaker s turnover. In the UK this is a Duty levied on every Pound wagered. Common methods of recouping this by the punter are to deduct tax from returns winnings or to pay tax with the stakewager. In the latter case, no tax is Equestrian sports dictionary.

Betting tax bet tks noun a tax levied on betting on horses, dogs, etc. NOTE bettingbethas bet Dictionary of banking and finance. Betting shops Betting shops appear on every British high street. Spread betting is any of various types of wagering on the outcome of an event, where the pay off is based on the accuracy of the wager, rather than a simple win or lose outcome, which is known as money line betting.

A spread is a range of outcomes, and the bet Wikipedia.

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Malta 25 of net turnover on off-line betting and of gross turnover on on-line betting Greece 3 of net revenue and 5 of winnings Latvia 10 of net revenue Divergency Finding Even if the individual highest and lowest rates are left out of account, some Member States impose tax rates up to six times higher than those imposed by other Member States.

It must be concluded that there is a high risk of market distortion due to divergences amongst the Member States in their fiscal treatment of betting services.

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Bookies face a doubling of betting tax to 2 per cent from January in a move the Government is wagering will raise almost 52 million a-year. Minister for Finance Paschal Donohoe announced the measure in his Budget speech on Tuesday.

Mr Donohoe said that it was timely to increase the current 1 per cent rate levied on all bets placed in the Republic of Ireland to 2 per cent for all bookmakers. Mr Donohoe pointed out that the Government had previously levelled the playing field by extending betting tax to online bookmakers as well as high street bookies.

Following his speech, it was not known if bookies intended passing some or all of the increase in to punters.

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For those reasons, most live sports betting winnings go unnoticed and some people don’t report their winnings to the government. A lot of sports bettors feel that the IRS simply doesn’t have time to try and hunt down every last penny that ends up in somebody’s pocket.

What is Considered Taxable Income? If this happens, then taxes should be automatically withheld by whoever you placed the bet with. Since the odds must be or better this is primarily applied only to winning lotteries, sweepstakes, and other places that allow small wagers like the racetrack. The sportsbooks do not automatically hand you a form every time you clear yourself on a game because very few bets pay at least and they have no idea know how much you may already be down that day.

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Financial spread betting is the tax-free way for UK and Ireland residents to take advantage of rising and falling markets without having to buy an asset from the underlying market. The concept of a "spread" has a great deal of relevance to a spread bet's function. Essentially, a spread is the difference between the bid and ask price of an asset, or the prices in which a trader may buy or sell a security on the open market.

Current supply and demand forces determine the magnitude of the bidask spread, influenced by liquidity providers, independent retail traders and institutional investors.

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Most investors are unaware that foreign withholding tax can be reclaimed in full or at least in part. nacreo.us can check the applicable international tax treaties and organise the refund. Our Online Tax Team is ready to help! We Use Cookies - This website uses cookies, to help provide you with the best experience we can.

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Spread betting is a flexible, tax-free way to trade. Our seamless online execution lets you move quickly on opportunities across thousands of US, UK, European and Asian markets. Go long or short of shares, indices, forex, commodities and more with just a margin deposit. Trade confidently knowing your funds are safe with a FTSE-listed company. We offer No Dealing Desk execution. The charge for spread betting is contained in the spread.

We keep our dealing spreads low, so you can control the cost of trading. Spread betting suits many styles and strategies. You can get started with a small initial deposit. For UK taxpayers, spread betting is not subject to Capital Gains Tax or stamp duty. So you keep of any profits you make.

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However, tax treatment depends on individual circumstances and tax laws are subject to change. Spread betting is traded on margin or deposit. Margined trading allows you to do more with your capital you can open more or bigger positions than you would be able to if you had to fund the full value of the position. Spread betting is exempt from many of the costs that you face when you trade shares with a stock broker.

For example, there is no commission, stamp duty or capital gains tax to pay. As a company, we are remunerated through the spread we offer on each product.

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Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds or money-line betting or parimutuel betting. A spread is a range of outcomes and the bet is whether the outcome will be above or below the spread. Spread betting has been a major growth market in the UK in recent years, with the number of gamblers heading towards one million.

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Most investors are unaware that foreign withholding tax can be reclaimed in full or at least in part. nacreo.us can check the applicable international tax treaties and organise the refund. Our Online Tax Team is ready to help! We Use Cookies - This website uses cookies, to help provide you with the best experience we can.

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Tax laws can alter and can differ in other jurisdictions outside Great Britain. Consequently, you should always take legal and financial advice when evaluating your tax obligations. Presently, profits produced from financial spread bets are exempt from UK tax.

They do not attract either capital gain or income tax liabilities. The reasoning for these decisions are, in each case, totally legitimate and center about the basic issue concerning whether spread betting transactions are gambling bets.

For instance, you will only be subjected to capital gain taxation if.

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Six Line Bet This bet is made on two adjacent lines of three numbers each, for a total of six numbers. This bet is made by placing chips at the intersection between the two lines along the side of the board. If any of those six numbers win, the bet pays Top Line Bet One additional bet is available to players in American roulette.

This bet can be made on the five numbers This bet pays however, it is the only bet with a higher than normal house edge, and should probably be avoided during play.

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Pennsylvania online sports betting is now live. We list the best PA online sportsbooks apps sites for Now it is a great state for sports betting, too. PA bettors have a wide variety of options between retail sportsbooks and online betting options. Whether you’re an Eagles fan ready to bet on your team or someone looking to bet on the Sixers now that they are rebuilding, there are sports betting option for you.

With this new turf, you may have questions about getting started. Mount Airy’s deal with The Stars Group meant it was just the second property to roll out the brand-new Fox Bet app. The app debuted in New Jersey on Aug. 30, then PA followed suit with a soft launch Sept. 4, just the day before the NFL season began.

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Review Or would there be some leniency for cricket betting based on the argument that it requires skills and isn’t a chance game. Also, if we go by all the definitions, gambling is anything that demands you to risk and win money. As such, all casino games land based or online, sports betting and poker should be deemed legal. Further, according to Entry No. 62, the States also have the authority to tax events of betting and gambling.

Currently, 13 States in India has made lottery legal. Land-based casinos are legal only in two States Goa and Sikkim, and one Union Territory Daman.

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Spread Betting is not currently subject to capital gains tax or UK stamp duty. However, tax laws may well change in the future. We cannot advise you on tax and, if in any doubt, you should seek your own independent advice. You are responsible for paying all tax that may be payable in respect of your bets, other than betting duty. 2 If in dealing with us in relation to your Account you act on behalf of someone else, that person will be liable to us in the same manner as you in respect of the Bets that you open on that person’s behalf, whether or not you disclose that person’s identity to us.

Save that we will not be able to make double recoveries in respect of any Bet such liability will be in addition to and will not in any way diminish or otherwise affect your own liability to us.

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