Whether you’ve accumulated total winnings of over £10,000 or you recently hit the jackpot online and bagged yourself £250 from Fruit Blast slot uk, you might be wondering – ‘are my bingo winnings taxable?’ It’s a very good question and it’s always important to stay on top of your taxes. This is something we know a lot about, so have no fear – read on and you will learn all about bingo winnings and taxes.
So… Are They?
Well ultimately that all depends on which country you live in. Some countries have no form of tax laws when it comes to bingo and therefore every penny that you win is all yours! However, there are loads of countries out there that charge hefty tax when it comes to bingo. It isn’t just bingo that is a victim to this – most of these laws apply to any form of gambling, whether it’s bingo, poker, slots or the lottery. Take a look at these examples of countries that will tax your gambling winnings:
– In Spain, all of your gambling winnings must be declared just like the rest of your income.
– In France there is a hefty 12% tax on all gambling winnings over €1500 – oof! This does exclude the lottery however, but every other game including bingo is included.
– Taxation on gambling winnings in the USA is pretty bad – generally you’re going to be looking at around 24% but depending on your state it could be up to 37%! Ouch.
Overall, when it comes to most countries there will be some form of tax when it comes to gambling winnings. However, not every country taxes bingo winnings…if you happen to be reading from the UK then it’s time to get excited.
Are UK Bingo Winnings Taxable?
If you are a UK based bingo player then we have got some fantastic news. Despite almost every other country taxing all gambling winnings, the United Kingdom in fact does not apply any form of tax to bingo winnings. That goes for all other forms of casino games – gambling is tax-free in the UK. We get to keep all our post-game cash and don’t have to worry about filing invoices or any of that boring stuff. However, there are still situations where you may have to pay tax due to winning cash on bingo. Let’s say you won a whopping £1,000,000 on the lottery:
– If you invested this cash in some way, you would be subject to tax on any profits from this investment
– Any cash prize above £325,000 could be subject to 40% inheritance tax in the event of your death! Spend it while you can!
– Giving away over £3,000 to any one person will be subject to tax!
Overall, as long as you are keeping your bingo winnings to yourself and spending it for yourself, you won’t have to worry about any form of taxation in the UK! However, if you’re using this cash for investments or live in a country outside of the UK, you may unluckily be subject to gambling taxation. We hope you’re in the UK like us!