tax or no tax on betting income saf

on a normal personal uk bank account, there is a daily limit of £2,000 that can be sent abroad...as 'savings'

rob faux was it not ray koedyk you thinking of instead of mr livanos

I was under the impression if someone's occupation is full time gambling that is accompanied by consistent winnings they will be liable for income tax in SA.

As I understand it gambling winnings usually fall under the term "fortuitous gains" i.e. luck, which is not taxable. Consistent winnings however can be deemed to have been acquired through more skill than luck, thus they would be taxable.

In business you're able to use taxable losses against future income to reduce a tax burden. I'm not sure where gambling losses come into the equation into offsetting tax burdens but I think consistent losses would exclude most punters from paying tax anyway!

I believe we should follow the UK model where no gambling income is taxable...

ha ha how about consistent luckyness? thanks Sasky... at least we know the USA does tax, the UK doesnt and SAF sort of does...

If classified a professional punter one is supposed to pay tax in South Africa just like any other citizen.

Yes, the test is whether one is gambling before or after tax, and obviously size.

If you have money that you have paid tax on (after tax income generated elsewhere) and you gamble and win it is tax free. If you gamble and lose tax isn't a problem

If you set yourself up as a bookmaker, or set yourself up in a capacity to gamble in another way, systematic profits may become taxable. Most of these instances would have you as a provisional taxpayer and should you lose, those loses, other expenses and the tax payed on bets would have claims against tax.

I guess if you got big enough, you will have the same VAT benefits as bookmakers too. The only difference then between a bookmaker and a pro punter would be the legal requirements to deal with and protect the public, and the collecting of the punters' tax.

Tommy writes...

If you transfer the money straight from your betfair betting account into your personal SA bank account, I don't believe there can be any tax implications.

on 30k
the money leave your betfair account pounds to rands at R12.47...
betfair account is empty...
personal account is empty...
where is the money....
reserve bank....
3 months...
then your bank steals you blind...
takes 50 cents in the rand value of R12.47...
....
leave your money in the uk..

don just send it through western union tax free