There are
many different types of tax. We will try not to bore you but to explain what we
mean it can be any of the following: -
- Income Tax – you know, the type that comes out your salary every month and always seem such alot!
- Inheritance Tax – payable on property that may be left to you in the unfortunate case of someone dying
- VAT - ‘value added tax’ which is payable on certain goods and services
- Road Tax – payable when you have car and want to drive on public roads
- Customs – the type of tax you have to pay when you bring in too many bottles of gin in duty free
- Taxidermy (well, not officially a tax but we left it in to see if you were paying attention, and you are. Well done.)
…. and until
2001 there was betting tax.
You may ask
why we are bringing this up now, but for some of our clients, who are new to
Arbitrage and are only ever used to betting on the Grand National every blue
moon (we wonder if there ever has been a blue moon, will Google it later….)
then they think that Arbitrage cannot possibly be the way forward as the
betting tax will cause problems.
There are
also other clients of ours who are worried that betting tax will come back,
ending their good run whilst using our services.
For the
first of you mentioned above, betting tax was abolished on the 6th
October 2001. After the tax was abolished the number of gamblers increased tremendously and those
who had never betted before went crazy and were able to bet, tax free, on
anything and everything (such as the recent Eurovision, really L).
The losers in the abolishment of betting tax
were the bookmakers, who had to pay 15% in tax for, well, basically being a
bookie!
The rules have remained the same since 2001
however at the end of 2014 new rules are to come in to play, meaning that not
only do UK land based bookmakers have to still pay 15% but so do all those
bookmakers from overseas who use the internet to supply remote gambling to the
UK population.
We can therefore pretty much say that there
will be no change back to the old rules, as currently the government is
receiving much more money from betting than it ever has done.
So, with all the betting tax you save what can
you do?
Well, why not take a look at our Executive
Membership for our Sports Arbitrage service? From £325 per quarter, it means
that not only do you save on tax but you a guaranteed a return on your money.
Furthermore, if you refer just two of your
friends or colleagues to us then you could get the equivalent of £25,000 in
commissions just for passing on their names, now that’s the kind of tax return
that you do want to fill in. Thank you Mr. Tax Inspector!!
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