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If you have played bingo online or in a bingo hall and gained some cash, you might be doubting something: should I be reimbursing any duty on the money I’ve won? The reply to this enquiry should brand you grin though, as there is no obligation for those in the UK to pay duty on any gaming winnings, unlike in other countries, which can seriously tax those lucky sufficient to scoop some money.

On this page, we’ll appearance at why persons in the UK are not essential to pay tax, plus we’ll also look overseas to see how much those in the USA have to pay when they achieve to win.

Betting Taxation In The Uk

It doesn’t material whether you win £1 or £1 million – the UK government won’t request you to part with an only penny of it. This has stood the case since back in 2001, when the 9% tax on betting winnings was fought and the government instead forced the gaming companies themselves to pay tax. Nowadays, all gaming companies, including online bingo sites UK, pay a tax of 15% on the money they get, and this tax is very rewarding for the UK government, as it gets them billions of pounds every year. This is even though betting companies in the UK paying inferior taxes than those in many additional countries.

You should, of progression, remember that there could be other duties that come into play though. Perhaps the greatest important is legacy tax. If you leave the money you’ve earnt to someone in your will and it’s over £325,000, any money in extra of the figure will be taxed at 40%. Don’t think you can grow away with it by giving the money to somebody before you die also, as tax can be charged on anything agreed away for seven years before your death.

General though, those who win while playing bingo in the UK have a ample well deal than folks in the USA, as you’ll see next…

Taxation In The Us

There are some further countries that have very high tax on gaming winnings, and one of these is the USA. In fact, many winners in the US don’t just pay tax when, but instead pay it to both the central government and their state!

In the USA, anyone winning over $1,200 playing bingo must report this to the national government. They’re then made to pay a 24% tax on the money they’ve won. States often also take their share, so those winning an amount of money in the US surely won’t get to keep everything they’ve won. Important

As you can see by the tax exciting to bettors in the US, those winning money in the UK are in a lucky place!

#18+ Only, Further T&Cs and full T&Cs apply, Please play responsibly. Begambleaware.org

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