tax or no tax on betting income saf

quick question - if i have a uk betfair account with proceeds going into my uk bank account, then transferred to my saf bank account - is this money taxed in saf??? do i have to declare it in saf.

I don't believe SAF taxes income derived from gambling, but I'm not sure what the rules are if the money is imported.

Where are you domiciled Don? Do you live in SA?

Gambling is taxed at the source (like horse racing pools are taxed and not the actual winnings)

Hope this helps

domiciled london, but the uk does not tax gambling income or am i mistaken?

Don to be honest I believe I live in the only country in the WORLD who taxes income derived from gambling. The USA.

There may be exchange commission rules to worry about but it should certainly not be taxed. If you have to fill in tax retunrs in SA for whatever reason all you have to do is prove the money transferred was derived from gaming. (Statement from Betfair should do)

Just go to the following link and see what they have to say

www.reservebank.co.za

Hope this helps

anyone from SAF - is your betting income taxed/declared

My apologies Don, perhaps I should have explained better.

I have been living in the US only as of February this year. My home country of South Africa does NOT tax any income derived from Gambling

Wonder if they never took deductions at source, and taxed Pro Gamblers and winners earnings,you could claim tax benefits on your losses .

so Tommy, effectually, if the UK does not tax on gambling earnings, and I transfer direct from Betfair to SAF account, there will be no tax queries either.....or do i need to go Betfair - UK personal bank account - SAF personal bank account.
I'm not expecting huge amounts of course whereby the reserve bank will prick their ears if it comes in....

If you transfer the money straight from your betfair betting account into your personal SA bank account, I don't believe there can be any tax implications.

The problem might come in when you consider the amounts (which you have said will PROBABLY not be big) and also the implications that the POCA and FICA regulations may have on money being transferred into the country from a foreign source.
About those regulations I would not know too much but as far as the income from betting, you should be just fine.

If you have a tax attorney in SA I would suggest you chat to him.

Normal winnings are not taxed (again) in your hands,in SA (any tax is payed at source)
However SARS can change the rules and declare it as income if your betting is deemed to be "consistent and systematic"
This happened to a punter(I think it was Mr Livanos,from memory) after he won a few substantial pick-sixes.It was set to go to court and was settled,subject to a confidentiality agreement,out of court.
My guess is the punter won....Only SARS would have insisted on secrecy!!!!

Don, your Betfair question.....I THINK that Betfair will only pay out to the same source that it is funded from.ie.If you pay in from UK bank a/c they will only pay to UK bank.(FICA anti-laundering rules) You better double check as I am not 100%.

Rob is it not the Case that they pay out the original deposit back first? then the rest where ever you request?

so is there a minimum amount - a ceiling of consistent amounts or per annum that the SARS would monitor?