Found the holy grail...

[Sports_Trader]

Like I said you are very naive.

In the UK there is no tax on PERSONAL gambling. But if you gamble in a syndicate or use others money this changes and you become liable.

If you don't believe me search the Betfair forum for post by a guy called Honest AL. He was investigated and had a massive bill for exactly what you are doing.
I am sure others on here would remember this.
Why not give HMRC a ring, they will confirm what I am saying I'm sure.

Anyway the moto is, if your doing OK just keep it to yourself. I really couldn't give a toss if you believe me or not. You are the one who will be paying. I was just trying to give you the heads up.

Ok cheers for the info. No profits have been made yet with their money anyway, so i have nothing to worry about.

So do you have the reason as to why you become liable? how can they prove it anyway?

I could just say he traded in my home hence why my ip address showed on the bets.

[steveo]

proof

Can you prove that? The burden of proof is on you. If they investigate you did you know you pay for the investigation, even if they find no wrongdoing?

Keep stum mate, disappear from the forums, change isp's, move house (even consider emigrating). They troll the racing forums looking for likely cheaters.

By my reckoning you are in ten feet of shite.

[Temujin]

The other thing you have to take into account here, is the difference in stakes is huge.
For somebody that already claims to stop because you get tired, I think the psychological difference between trading now, and jumping to 10 times the stake will be a huge hurdle to overcome for somebody that already can't handle the rigourous 3-4 hour day. And then to share those profits with somebody else, and then the tax man? You are in for some tough times ahead. Look forward to more threads like this though. Wow.

[Sports_Trader]

no trade in the 2.30, next race is 2.40

[bazbaz]

[custard]

Bert picked the winner of the second race made a profit of £1.70 after commission. I'm sitting watching Margaret Rutherford playing Miss Marple on TV. I can't lose focus and am free to go to the toilet whenever I want.

"Focus is for wimps."


The doctor is the murderer - seen the film before.

[Sports_Trader]

The other thing you have to take into account here, is the difference in stakes is huge.
For somebody that already claims to stop because you get tired, I think the psychological difference between trading now, and jumping to 10 times the stake will be a huge hurdle to overcome for somebody that already can't handle the rigourous 3-4 hour day. And then to share those profits with somebody else, and then the tax man? You are in for some tough times ahead. Look forward to more threads like this though. Wow.

Im only using a 2.5k bank for pre race trading.

What if i sent him my lay selections and he put the bets on.

Doesn't effect me anyway. There won't be any profits going in to my bank account.

Infact im sacking this investment off and continuing to trade with my current bankroll, just look at first 2 races, im making enough anyway :Brilliant

[Qii]

Just to prove a point...



Uploaded with ImageShack.us


Show em on the betfair website...

[Sports_Trader]

bit of a crap one this, missed opportunity on the fav

[wagonmastergeneral]

[KOTBIIAJIbTO]

So what's the news? Don't tell me please that you've decided to take a small walk in the park

[KOTBIIAJIbTO]

Investor is waiting...

[Sports_Trader]

currently 260 in profit

[catweazle]

currently 260 in profit

In less than 100 days the new premium-charge awaiting you

[Sports_Trader]

I can profit from just laying inrunning anyway. So the premium charge can just f**k right off