Are Your Winnings Tax Free?

All round the world, where gambling is permitted, casino winnings are taxed. But there are some countries where it’s tax free. For example, United Kingdom forms part of those countries.

UK and Gambling Winnings

Since the budget reform in 2001, land-based and online casino players are only requested to report their winnings. This is thanks to Gordon Brown! However, before 2001, players had to pay a 6.75% tax on all their gambling winnings. The new law is applicable to professional and occasional players. Yes! If you live in the UK all your winnings are totally tax-free. The only tax that is applicable in the UK is the one that involves the casino operators. So, you can hit the reels anytime at Moon Games and you can be sure you keep all your winnings.

Other Countries

When it comes to other countries, there are different laws ruling over gambling winnings. For instance, in US, players have to pay tax of 25% on their winnings. However, the percentage changes depending on the form of gambling.

For example, tax in other countries range from 5%-80%. You could also read about the Yesteryears Of Gambling- Ancient Egypt right here and check out how gambling started out in ancient Egypt.