mick bones Posted August 2, 2017 Share Posted August 2, 2017 I can't find any suitable forum for this question but here goes anyways. Me and my friends have a fairly solid system going where we are making steady profits but now the time has come to share the loot. What are the tax implications for me as the receiver to get money from my mate via Paypal? He has made a few £K from his footy betting and wants to share it with me. Will he just have to withdraw it from paypal via his own bank account or can he send it to me via paypal transfer? Obviously it is easy for him to prove that he made the money from betting so with that being the case is there any thing I need to do tax wise? Quote Link to comment Share on other sites More sharing options...
Sir Puntalot Posted August 4, 2017 Share Posted August 4, 2017 On 8/2/2017 at 11:57 AM, mick bones said: I can't find any suitable forum for this question but here goes anyways. Me and my friends have a fairly solid system going where we are making steady profits but now the time has come to share the loot. What are the tax implications for me as the receiver to get money from my mate via Paypal? He has made a few £K from his footy betting and wants to share it with me. Will he just have to withdraw it from paypal via his own bank account or can he send it to me via paypal transfer? Obviously it is easy for him to prove that he made the money from betting so with that being the case is there any thing I need to do tax wise? It's impossible to tax because you could also claim back losses effectively. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.