Some people talk absolute rubbish and speculate on something they have either foolishly done or not done at all.
I've been winning money (and plenty more than the tax threshold) since 2002/04. Prior to this I paid tax as I was dealing in actual contracts on the market. I have spoken with HMRC (many years ago), I am on here and extremely transparent so I can easily be found by them. In fact I am one of T2W most transparent people, even more so than vendors and that says a lot.
I have not paid a single penny in tax on my gambling winnings. Nor will I ever unless the LAWS change. HMRC do not make the law. The law states that HMRC cannot tax gambling proceeds, regardless of the amount.
Think for a moment.
What about people that win several hundred thousands within a short period of time - Do these people get taxed? What about when they lose it again plus more - do they get a tax rebate?
What about people that have running streaks at a bookies, then lose it plus more?
What about people who win the pools or bonds on a monthly/yearly basis.
What about prizes on T.V where they 'pay' out £5k a month for life, do these get taxed also.
No one, I repeat no one has ever paid tax on winnings unless it is part of a professional outfit related to a business or/and trade. See my post above.
But to be fair, I don't know why I bother. Most will never be in the position to have to worry as most fail anyway. Those that wish to argue and believe they have to pay tax, well.....Pay tax then. It doesn't bother me. What I would say is know your law, pay what you have to and not a penny more. If you wish to 'give' away your money to the government, at least give it to a good charity instead.
AGAIN - No tax is due on spreadbetting winnings - unless its part of or/and related to another business.
HMRC - This is an invitation to come after me if you wish. I post statements with my winnings on the net and of course you can even insist you see all my bank statements and see how many hundreds of thousands I have won over the years. I do not owe any tax on my winnings as per the U.K Tax laws.
All the best,
Lee
PS: I'm confident this will keep coming up time and time again so I won't bother with this stupid unnecessary argument, at least for another few years anyway.