Horse racing in Great Britain On 6 October 2001, the Government abolished the turnover-based tax on betting, which had been 9% of the stake or the winnings, the punter having the choice to pay a certain small amount or an uncertain large amount. The tax, now based on gross profit, is now effectively indirectly levied on the punters, the cost being absorbed in the odds that bookmakers offer. The last 10 years in the UK has seen massive growth in online gambling. Punters are now going online to place their bets, where technology gives them access to a greater wealth of information and knowledge. Now
Income tax in the United States compensation, and self-employment income. Tax returns: Most individuals must file income tax returns to self assess income tax in each year their income exceeds the standard deduction plus one personal exemption. Some taxpayers must file an income tax return because they satisfy one of the following conditions: Other taxpayers must file income tax returns each year to self assess income tax. These returns may be filed electronically. Generally, an individual's tax return covers the calendar year. Corporations may elect a different tax year. Most states and localities follow the federal tax year, and require separate returns. Tax payment: Taxpayers must