Is your profession betting on horses, or was it a once off winning?
Student CPsays: 10 September 2013 at 14:24
No - I am not a professional better. I inherited a racing horse and after the first winnings bought another horse. Then both of them took part in racing competitions afterwards and both of them won some prize money as well as betting money.
TaxTimsays: 10 September 2013 at 14:51
The actual horse race winnings would be taxable in your hands as they are seen a professional activity and not betting on a specific sport. Do you intent to continue doing this?
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.