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Stock investments and gambling

IC_AccountsIC_Accounts FMAAT, AAT Licensed Accountant Posts: 3
Would anyone tell me how to account for Stocks investments and money receive from gambling?
I have a client who is self-employed and he invested some money in various stocks and companies. He also receive some back but apparently he will get the most during 2019/2020 year. How shall I treat these for tax purposes? Both the money invested and the money returned.
Thank you very much.

Regards,
Carmen

Comments

  • NeillawNeillaw New Member RossendaleMAAT, AAT Licensed Accountant Posts: 265
    The money from gambling should be treated as tax free as this comes under the gambling act and the tax is paid by the betting company.
    Share dealings should be added to his self-assessment but only the profit element together with any dividends received.
    IC_Accounts
  • IC_AccountsIC_Accounts FMAAT, AAT Licensed Accountant Posts: 3
    Thank you very much indeed.
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