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Probably because then net losses would need to be tax deductable. Would be more hassle than it's worth to try and sort the admin for that? Surely you wouldn't be able to deduct say 10% gambling tax on a £100 win if that same person has lost £100 the week before, etc...?

Probably because higher rate taxpayers pay double the % income tax (not NI) of everyone in the lower band once they're over that threshold. (lets call the threshold 50k exactly for maths purposes) An individual earning 60k paying 5% into their pension saves about £600 a year in tax relief vs...