Author Topic: Obstacles to Tourism in Llandudno  (Read 137600 times)

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Offline Ian

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Re: Obstacles to Tourism in Llandudno
« Reply #255 on: June 19, 2014, 07:10:28 am »
Quote
If I walk in to a bookies,  bet a fiver and win a tenner.... I get to keep the winnings.
If I purchase shares in a company, and by sheer luck they increase in value,  then I have to pay 28% of the value that I have 'won'

It might seem an anomaly, but I seem to remember that the original idea was that for many people share dealing is actually a business - a full-time occupation, in fact, and CGT was intended to act as a form of income tax for those folk. Few make a living out of betting, presumably. Although it's a little odd, since making money from betting probably involves more work than making it from share dealing. Perhaps you're right;  they should institute a 28% tax on betting.
Nothing is so firmly believed as that which we least know.  ― Michel de Montaigne

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Offline Merddin Emrys

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Re: Obstacles to Tourism in Llandudno
« Reply #256 on: June 19, 2014, 08:13:21 am »
Agreed! The tax on profit from shares does seem excessive. The problem is though that if you cut one tax they have to increase another, but which one?
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Offline DaveR

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Re: Obstacles to Tourism in Llandudno
« Reply #257 on: June 19, 2014, 09:08:39 am »
If you mean that working class people who own their own home cannot afford an extra bedroom because for example they live within their  means then that is another matter completely.
That's exactly what I do mean. I can think of working families with a mortgage who would love but cannot afford an extra bedroom - why should it be any different for people on housing benefit?

Offline DaveR

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Re: Obstacles to Tourism in Llandudno
« Reply #258 on: June 19, 2014, 09:10:58 am »
If I purchase shares in a company, and by sheer luck they increase in value,
It certainly would be sheer luck in your case....  :laugh:  :laugh:

Offline born2run

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Re: Obstacles to Tourism in Llandudno
« Reply #259 on: June 19, 2014, 10:10:55 am »
Quote
If I walk in to a bookies,  bet a fiver and win a tenner.... I get to keep the winnings.
If I purchase shares in a company, and by sheer luck they increase in value,  then I have to pay 28% of the value that I have 'won'

It might seem an anomaly, but I seem to remember that the original idea was that for many people share dealing is actually a business - a full-time occupation, in fact, and CGT was intended to act as a form of income tax for those folk. Few make a living out of betting, presumably. Although it's a little odd, since making money from betting probably involves more work than making it from share dealing. Perhaps you're right;  they should institute a 28% tax on betting.

We had betting tax for many years at 9% - but it was abolished about 10 years ago causing a massive rise in the betting industry.

Offline Yorkie

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Re: Obstacles to Tourism in Llandudno
« Reply #260 on: June 19, 2014, 01:27:06 pm »
And there are plenty of people who make money out of betting in all its forms! ZXZ
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Offline DaveR

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Re: Obstacles to Tourism in Llandudno
« Reply #261 on: June 19, 2014, 01:39:15 pm »
...in the form of www.sportingbet.com, possibly?

Offline Yorkie

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Re: Obstacles to Tourism in Llandudno
« Reply #262 on: June 19, 2014, 06:43:19 pm »
...in the form of www.sportingbet.com, possibly?

I was thinking more of Bingo!   I only bet on the certain fact that I wont win!   ZXZ 
The Lottery is enough for me, and why I do it with odds of 14,000,000 to 1, I don't know!   WWW

Now, Share Dealing, well that's a bit different!    ;)
Wise men have something to say.
Fools have to say something.
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Offline Merddin Emrys

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Re: Obstacles to Tourism in Llandudno
« Reply #263 on: June 19, 2014, 07:52:41 pm »
A pigeon is for life not just Christmas

Offline Fester

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Re: Obstacles to Tourism in Llandudno
« Reply #264 on: June 19, 2014, 10:46:32 pm »
Quote
If I walk in to a bookies,  bet a fiver and win a tenner.... I get to keep the winnings.
If I purchase shares in a company, and by sheer luck they increase in value,  then I have to pay 28% of the value that I have 'won'

It might seem an anomaly, but I seem to remember that the original idea was that for many people share dealing is actually a business - a full-time occupation, in fact, and CGT was intended to act as a form of income tax for those folk. Few make a living out of betting, presumably. Although it's a little odd, since making money from betting probably involves more work than making it from share dealing. Perhaps you're right;  they should institute a 28% tax on betting.

Professional Poker players are 'gambling', but they compete in games of skill.
They are not taxed, but it is their ONLY source of income.
A recent court case where a champion Poker Player was excused paying his CSA payments, because he argued that his income was unsustainable or regular.   
He won his case, pays nothing for his child, and therefore WE are paying for it instead.

Fester...
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Offline Ian

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Re: Obstacles to Tourism in Llandudno
« Reply #265 on: June 20, 2014, 07:53:49 am »
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They are not taxed, but it is their ONLY source of income.

Not for the top ones, like Victoria Coren Mitchell. She also presents, writes books and appears on TV a great deal. But I know winnings aren't taxed, but presumably - as a professional player - you would have to register as self-employed with HMRC?

Presumably, removing the tax equation from winnings was designed to make the UK appealing to professional gamblers. I seem to remember some issues surrounding plans for mega-casinos in 2004-2006 that never came to fruition. Had they done so, the corporation tax levied on the casinos would have been significant I suspect.
Nothing is so firmly believed as that which we least know.  ― Michel de Montaigne

Si hoc legere scis, nimis eruditionis habes.

Offline born2run

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Re: Obstacles to Tourism in Llandudno
« Reply #266 on: June 20, 2014, 10:58:24 am »

Quote
A recent court case where a champion Poker Player was excused paying his CSA payments, because he argued that his income was unsustainable or regular.   
He won his case, pays nothing for his child, and therefore WE are paying for it instead.

By Law you are allowed to bet on games of skill without paying tax and are allowed to legally gamble for small amounts in public houses too, there was an interesting case many moons ago where a landlord who allowed darts betting was tried for gambling violations but he argued it was a game of skill not luck and therefore exempt. To prove his case he brought into the courtroom his best darts player and a board and the player hit any number the jury and judge shouted out, he won the case as well!

Good job they didn't call you up Fester  L0L
« Last Edit: June 20, 2014, 05:06:20 pm by Ian »

Offline Merddin Emrys

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Re: Obstacles to Tourism in Llandudno
« Reply #267 on: June 20, 2014, 12:35:38 pm »
I haven't played darts for many years, but I always found it to be a game of pure luck!
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Offline Bri Roberts

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Re: Obstacles to Tourism in Llandudno
« Reply #268 on: June 20, 2014, 01:58:44 pm »
ME, I suggest you don't tell that to Fester.

Offline Merddin Emrys

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Re: Obstacles to Tourism in Llandudno
« Reply #269 on: June 20, 2014, 04:01:13 pm »
 :laugh: no I'm talking of my darting abilities, or lack of!
A pigeon is for life not just Christmas