Are Online Casino Winnings Taxable in the UK? How About New Zealand and Canada?
If you play casino games in the United Kingdom, any amount won will not be taxable. This is one of the great benefits of gambling in the UK. Players are able to engage in real-money betting and keep everything they win. Any casino winnings or payouts earned from sports betting are tax-free, applying to those in Wales, Scotland, Northern Ireland and England. It does not matter if the winnings come from playing online or at a land-based venue or accessing an online casino or sportsbook.
The reason players do not have to pay taxes is due to current laws and the fact gambling companies are paying a large tax to operate. Companies also have to obtain a license from the UK Gambling Commission and will be required to pay a 15% tax. Much of the revenue in the UK is generated from this tax since the gambling market is so large and successful. Players will also be able to enjoy tax-free winnings if they are playing at any offshore online casino.
Taxes in New Zealand
When playing at an online casino, the winnings from games will not be taxed if said site is based in New Zealand. There is a single exception to this current law. There may be tax due if you are playing online poker. However, it is at the discretion of the player on whether they report winnings from poker. Inland Revenue does not have any way to track winnings or any information regarding payouts earned from gambling.
If you are a professional gambler in New Zealand, you will be taxed on winnings. The winnings from playing casino games must be the main source of significant income, and this must be provable in court.
Canadian Gambling Taxes
Canada is another country in which any winnings from gambling will not be taxed. You will never be taxed on your payouts if you are a casual player. However, as a professional gambler, the Canadian Income Tax Act requires players pay taxes on their winnings. This applies to players who run a gambling business or earn most of their income from gambling activities.
