Tax Question: My friend successfully spread bets on his own personal account and to take advantage of compound returns we are about to borrow a considerable amount from friends and family for him to 'bet' on our behalf. We will use the winnings to pay our lenders 15% interest and will split the remaining winnings 50:50. My questions are as follows: 1). What is the best way to set this arrangement up to ensure that his ability to bet tax free, we are intentionally not using a company to avoid corporation tax, remains unaffected and that he is able to pay to me my 50% of winnings tax free (from the HMRC site, income tax does not seem applicable in these circumstances)? 2). Are there any adverse tax implications or future difficulties in relation to him paying me my 50% of winnings tax free, arising from our plan to take the loans jointly? If so, should we take the loans solely in his name or mine? Many thanks. . . . (to read the remainder of this article, please log in below.)
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