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  1. Mattutaylor Mattutaylor is offline

    Lichfield
    United Kingdom

    Posts: 157
    Joined: Aug 06

    Aug 21st, 2007 (8/21/2007 11:56am)

    Hey guys, im looking for help.

    I turn pro on friday and have heard from various sources that we do not have to pay tax on our winnings (thus income tax for a pro poker player)... I just want this clarifying and if there are any articles (that are relatively easy to understand) links would be good.

    Ty

    Matt.
     
  2. sharkstevie sharkstevie is offline

    Ireland

    Posts: 1,089
    Joined: Mar 07

    Aug 21st, 2007 (8/21/2007 11:59am) in reply to Mattutaylor

    Pretty sure you don't but good luck with being a pro :)
  3. smileyfaces smileyfaces is offline

    Bristol
    United Kingdom

    Posts: 160
    Joined: Apr 07

    Aug 21st, 2007 (8/21/2007 12:03pm) in reply to Mattutaylor

    im no pro but this is my main income. You dont have to pay tax yet.......... Im sure we will have to soon tho.
  4. optika11329 optika11329 is offline

    Leeds
    United Kingdom

    Posts: 543
    Joined: Mar 07

    Aug 21st, 2007 (8/21/2007 12:09pm) in reply to Mattutaylor

    Mate

    Im not a pro but i play with lots who 'dont talk about it'. Although Gambling is not taxable, my understanding is that if you participate in anything that is your 'main source of income' then you must pay tax on it.

    The other thing is do not make CASH deposits greater than 10k as any deal or transaction greater than 10K is notifiable to the FSA and inland revenue to prevent fraud and money laundering - your 'movements' could start to become suspicious.

    I am not 100% on point 1, but all the pros I play with have another source of income - so keep signing on whilst you play and they shouldnt be too suspicious providing you are 'looking for work', or if you have a mate who owns a business - go and be the 'post room boy' for 6k per year on his pay roll justifying the income.

    If you are very very good and can earn good bucks your best move would be to go 'offshore' and live in say spain for eg. If you earn money 'in the UK' you dont need to pay the tax in Spain. You are still allowed to spend 90 days per year in the UK (reality is you could do more if you can fudge your movements).

    Just some thoughts for the long term and good luck!

    G
     
  5. SelfDestruct SelfDestruct is offline

    Chesterfield
    United Kingdom

    Posts: 300
    Joined: May 06

    Aug 21st, 2007 (8/21/2007 12:09pm) in reply to smileyfaces

    Yes, enjoy it while it lasts
  6. Bradley_W Bradley_W is offline

    Ringshall
    United Kingdom

    Posts: 105
    Joined: Mar 06

    Aug 21st, 2007 (8/21/2007 1:42pm) in reply to Mattutaylor

    At this current time, you do not pay tax on winnings from poker games. If the goverment turned round and said yes, you do have to pay tax on your winnings then they would also have to allow every poker player in the country the opportunity to set their gambling losses off against their other income.

    The only time this will change is if poker becomes a skill game as opposed to a game of chance I suspect.

    Be aware though that income from sponsorships, training sites,mentoring etc is taxable.
  7. vbm vbm is offline

    Hove
    United Kingdom

    Posts: 652
    Joined: May 05

    Aug 21st, 2007 (8/21/2007 1:47pm) in reply to optika11329

    yeah no need to move to spain or become a tax exile, you wont be asked to pay taxes on your winnings.

    Same as you dont if you win on the horses, pools, lottery etc
  8. shinerrr shinerrr is offline

    Tralee
    Ireland

    Posts: 36
    Joined: Dec 06

    Aug 21st, 2007 (8/21/2007 2:07pm) in reply to Bradley_W

    any idea if this is the same in Ireland?
    335 1
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