Betting losses - tax refund

No, unless you had already paid tax on betting profits on the grounds that you were a professional gambler.

Brendan
 
I believe Revenue generally take the view that gambling is "revenue neutral" over time. I know this was certainly the case in regard to offshore accounts that people tried to claim were due to "wins on the horses" and not undeclared income.
 
Mrs Vimes said:
I believe Revenue generally take the view that gambling is "revenue neutral" over time. I know this was certainly the case in regard to offshore accounts that people tried to claim were due to "wins on the horses" and not undeclared income.
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I'm not sure I follow this. Are you saying that Revenue just accepted an assurance from someone who held an offshore account that it originated from betting wins and they just accepted this? How exactly do you know this ? (I know there has been some discussion on LinkedIn Irish tax-related groups arguing re gambling wins)
 
Hi Kildavin,

Quite the opposite, Revenue don't really believe in gambling profits, they have an assumption that you lose as much as you win. It's [broken link removed] if you scroll down to "sources of capital".

Obviously small gamblers from time to time do win big. I remember a woman who worked for Revenue in the papers a few years ago having won well over 100,000 on a small Yankee of about 5 euro but I'm sure if this happened to you then you would have evidence for when Revenue started asking how a person on an average wage managed to come up with that sort of lump sum.
 
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