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My account is currently £235k Lifetime Net Profit, and I am paying PC1, if I was to win say £50k in a week (massively unlikely obv!), would I be charged at the new rate of 40%, or is there a warning or first week waiving of the new tax band?

Also, I had a bet on a market which was partially settled, Top 4 for the English Premiership, but the commission has yet to come off, so I guess the profit and commission come off when the market closes in its entirity?

Many thanks for your help.

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i.e. I create £2k commisison in that week, win £50k, would I be charged £8k PC1 or £18k PC2 (yuk to both!).

[brettels]

Hareeba will give you all your answers soon!

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The profits that you made from your successful lays in this market would not have been subject to any premium charge prior to the final conclusion of the market.

Many markets, such as the the MLB World Series, are partially settled upon the elimination of any of the participants. Any profit made from successful lays on the eliminated participants is displayed in the profit & loss section of your account immediately upon the partial settlement and will be available to bet with or withdraw (excluding the retained commission and depending on your position in the market).

However, this profit will be excluded from weekly premium charge calculations until the market is completed in its entirety. When the market is completed in its entirety, the overall gross profit or loss you made on the market and the charges you generated will be relevant to the Premium Charge calculations of that week.

Found this. So, commission and premium charges are only applied to partially settled bets when the market is settled in it's entireity.

[acw]

Are you a trader? Or do you bet straight?