Betting the Isolator
- Thread starter Springbok
- Start date
Hi Dylan
I am resident in the Uk at the moment thus I am a UK tax payer. There is no tax on lottery winnings unlike the USA where Uncle Sam likes to take his cut. Also there is no tax on winning on the horses . You do not declare your winnings as there is no way for the Revenue people to check My bank is £20 as a start off point and I double it and withdraw winnings. I do not bet the isolator on a regular basis . My main interest lies in the UK 6/49 and Thunderball game. The isolator is interesting because on occasion it can fill in 3 of the 6 slots with 2 numbers each. The trick is to harmonise them to do this on a regular basis as they solve 50% of the lottery problem leaving the other 3 slots to fill in.
I am resident in the Uk at the moment thus I am a UK tax payer. There is no tax on lottery winnings unlike the USA where Uncle Sam likes to take his cut. Also there is no tax on winning on the horses . You do not declare your winnings as there is no way for the Revenue people to check My bank is £20 as a start off point and I double it and withdraw winnings. I do not bet the isolator on a regular basis . My main interest lies in the UK 6/49 and Thunderball game. The isolator is interesting because on occasion it can fill in 3 of the 6 slots with 2 numbers each. The trick is to harmonise them to do this on a regular basis as they solve 50% of the lottery problem leaving the other 3 slots to fill in.
Hi Springbok, thank you, I understand you answered as a UK resident and UK tax payer.
I am wondering if your reply would would still be the same if you were a South African resident and South African tax payer playing UK lotteries? No tax?
What do you do for a living? Reason I ask is because I see you online very early in the mornings (UK time) sometimes. ISP support?
Thank you!
I am wondering if your reply would would still be the same if you were a South African resident and South African tax payer playing UK lotteries? No tax?
What do you do for a living? Reason I ask is because I see you online very early in the mornings (UK time) sometimes. ISP support?
Thank you!
Hi Springbok,
We do not pay taxes on lotto winnings in South Africa and seeing you do not pay taxes on lotto winnings in the UK I would say it is safe to assume given my above scenario no tax is payable.
I am still unsure though if I have to declare it as non-taxable foreign income, if there is such a thing? I recall seeing something like that on my last tax form. Guess I'll have to wait for my next tax form.
Why do you prefer UK 6/49 and Thunderball? Do you use the isolator on these?
Thanks!
We do not pay taxes on lotto winnings in South Africa and seeing you do not pay taxes on lotto winnings in the UK I would say it is safe to assume given my above scenario no tax is payable.
I am still unsure though if I have to declare it as non-taxable foreign income, if there is such a thing? I recall seeing something like that on my last tax form. Guess I'll have to wait for my next tax form.
Why do you prefer UK 6/49 and Thunderball? Do you use the isolator on these?
Thanks!
I would worry about taxes after you win a lottery. Obviously you would pay tax if you invested the money although there are some tax shelters in the UK for some of the money. Probably the best way in avoiding tax on investments would be to put the loot offshore or live in Monaco or Andorra or even Liechtenstein. Or you could hire a tax lawyer. Let's face it the rich pay less tax than anyone else. There are literally trillions of pounds invested in offshore accounts all round the world.
The UK Thunderball payouts are equivalent to the South African lottery payouts, say round about R3.2 million. Although this is hard currency in one of the strongest currencies in the world at the moment.The Thunderball game offers better odds than the 6/49 game around 1 in 3 895 584. What has happened to the South African lottery? Seems some politicians had shares in one of the bidding companies-typical of African politicians- as politics is the way to wealth. No wonder Africa is in a mess.
The UK Thunderball payouts are equivalent to the South African lottery payouts, say round about R3.2 million. Although this is hard currency in one of the strongest currencies in the world at the moment.The Thunderball game offers better odds than the 6/49 game around 1 in 3 895 584. What has happened to the South African lottery? Seems some politicians had shares in one of the bidding companies-typical of African politicians- as politics is the way to wealth. No wonder Africa is in a mess.
Hi Springbok, what has happened to the South African lottery? Good question. I don't know because I haven't being following it nor played it for several months now.
I just found out earlier this week the machines have been offline since the old operators license expired end of March and there are questions about the basis on which the new operator was awarded the license and questions about the new operator so the license was suspended. These questions have being going on for over a year now. Someone whom shouldn't be sharing a bed is doing just that, sharing a bed.
That's all I know. If anybody else knows more please let us know.
Thanks
I just found out earlier this week the machines have been offline since the old operators license expired end of March and there are questions about the basis on which the new operator was awarded the license and questions about the new operator so the license was suspended. These questions have being going on for over a year now. Someone whom shouldn't be sharing a bed is doing just that, sharing a bed.
That's all I know. If anybody else knows more please let us know.
Thanks
