Crypto gambling tax

Hi, I on the 10/03/2024 I won 42000 usdt from gambling on a crypto gambling site called gamdom. This is a legal and licensed crypto gambling site. This was won from me spending around 1700 gbp to purchase 2060 usdt. Would I still have to pay tax on this and how do I report this money i just made to hmrc as I am aware that the UK does not have tax on winnings from gambling and there doesn't seem to be any guidance for crypto gambling.

Hello did you manage to figure this out as I'm intrigued ?

Hi,
There is no tax on winnings from gambling in the UK.
Thank you.

Hi Eiraghb1,

There is no tax on winnings from gambling in the UK.

Thank you.
 

Hi, First of all, congratulations on your win! Navigating the tax implications of cryptocurrency gambling can be a bit complex. While it's true that the UK generally does not tax winnings from traditional gambling, the situation with crypto gambling might be less clear. Here's a general approach: 1. Record Keeping: Make sure you keep detailed records of your winnings, including the date, amount, and any relevant transactions. This can help if there are any future inquiries. 2. Report to HMRC: Even though gambling winnings are usually tax-free, it's a good idea to report significant sums, especially in crypto, to avoid any potential issues. You can do this by including it in your annual Self Assessment tax return under "Other Income." 3. Seek Professional Advice: Given the unique nature of crypto gambling, consulting with a tax professional or accountant who understands both UK tax law and cryptocurrency can provide clarity. As Egle DiceGirl, a Slots Games Expert, would advise, it's always best to stay informed and proactive about the financial aspects of your winnings. This ensures you remain compliant with any evolving regulations and can enjoy your earnings without worry. Hope it helps.