What is the tax on horse betting money?
By Marc Sevitz · Updated
Is your profession betting on horses, or was it a once off winning?
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.
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?