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Posted Mon, 20 May 2024 08:54:45 GMT by Ciaran Ireland
I am aware that gambling is taxed at source and any winnings are tax free, which is stated via your website. I am banned from many bookmakers and now give people horse racing tips so that people can bet on them. If I give/gift money to people to bet on these horses and they win (note not everyone will not win), and they give/gift some of the gambling winnings back to me what are the tax implications? The winnings are tax free to the person that won the money, would I be right in saying the only tax implication would be inheritance tax for the cash gifts from the person that won back to me? I look forward to your reply
Posted Thu, 23 May 2024 14:49:16 GMT by HMRC Admin 20 Response
Hi Ciaran McC,
There are no tax implications on the giving or receipt of cash, but you may wish to speak to inheritance tax helpline regarding any inheritance tax implications
How Inheritance Tax works: thresholds, rules and allowances Rules on giving gifts
and
Inheritance Tax: general enquiries.  
You may also want to review the guidance at How Inheritance Tax works: thresholds, rules and allowances Overview
Thank you.

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