Whether you log in with your online casino once a month or if you fund your lifestyle through online gambling, the UK is the place to be. Gambling is not only 100% legal in the UK, while players are also in a position to take home everything in which they win. Laws and legislation means that those in Scotland, Wales, Northern Ireland and England are able to take advantage of tax free winnings, something which is not the case in other locations across the globe.
While those based in countries including France and the US have to worry about gambling taxes, players in the UK will be happy to learn that they are in a position to keep the entirety of their winnings. With such taxes having been scrapped just after the turn of the millennium, the establishment of the UK Gambling Commission also brought more structure to the gambling industry, including the regulation of online casinos. However, one thing that has remained a constant is the fact that whether players operate live or via the internet, all gambling winnings are tax free.
This is partly down to the fact that the British government makes a small fortune from gambling each year, with the latest figures showing a profit of around £3 billion. It is worth keeping in mind that this figure includes lotteries, sports betting and remote gaming, however this is still a huge amount. A large proportion of this cash comes from the 15% tax levy in which gambling providers must pay, which helps to ensure that players are not forced to pay anything on their earnings. However, it is worth keeping in mind that casinos and gambling sites will often take into account their tax fees when creating odds.
Gambling Using Offshore Operators
Those who are familiar with gambling online will have noticed some major changes over recent years, including the quality of games, technology and mobile. However, such changes also include taxes, with many sites that cater for UK-based players actually being based offshore. Many will have previously been based in the UK, before coming to the realisation that they could reduce their taxes by relocating elsewhere. As a result, all sites that operate for British players are now required to be fully licensed by the UK Gambling Commission, while they must also pay the same 15% tax rate as others do.
Recreational vs Professional Players
In the UK, there is also no distinction between recreational players and professional gamblers when it comes to taxes. As a result, whether you are looking to withdraw £10 or £1,000, no tax is required to be paid, thanks to legislation from the HM Revenue and Customs. However, those playing on casinos outside of the UK may have to deal with local tax laws, for example, those travelling to Los Vegas for the weekend may have to apply for a non-resident refund.