Title: Finally serious Post by: glenner on November 17, 2005, 12:27:53 PM Having come into the game recently (and havin a lot of fun and food!!) I felt I had to get my view across about a subject that seems to be in most conversations................."when are the sponsors gonna stick some prize money into the event!!!???"
My own view is: If you are receiving winnings tax free then your own money should go into the event. If a sponsor puts money in then that amount shoud be taxable. I dont know of any other sporting event in the world where the prize money is subject to tax. Cake and eat it?? Ahhhh back to my favourite subject FFFOOOOODDDD!!!!! Lemon sole with duck egg pancakes mmmmmmmmmmmmmmmmmmmm!! Title: Re: Finally serious Post by: glenner on November 17, 2005, 12:32:12 PM Spelling mistake "isnt subject to tax"
Had my hands full with a bacon and seaweed sarnie!! Title: Re: Finally serious Post by: thetank on November 17, 2005, 12:35:59 PM If you are receiving winnings tax free then your own money should go into the event. What are you talking about? I report all my net winnings and pay tax on them. Doesn't everyone? Title: Re: Finally serious Post by: Nem on November 17, 2005, 12:38:03 PM Quote I report all my net winnings and pay tax on them. Doesn't everyone? LOL Title: Re: Finally serious Post by: Graham C on November 17, 2005, 12:38:29 PM OMG why on earth are you suggesting the tax man gets anything? :suitableannoyedemoticon:
Title: Re: Finally serious Post by: matt674 on November 17, 2005, 12:39:06 PM until they bring out a law which tells me i have to declare my winnings then - NO
Title: Re: Finally serious Post by: Graham C on November 17, 2005, 12:45:10 PM until they bring out a law which tells me i have to declare my winnings then - NO and even then I'd wait for them to get in touch. Title: Re: Finally serious Post by: matt674 on November 17, 2005, 12:46:36 PM hmmm, not too sure about that - unless someone out there has the number of ken dodd's lawyer......
Title: Re: Finally serious Post by: crddolly on November 17, 2005, 12:50:15 PM I am not sure about prize money put up for a competition but I do know that casinos in this country do pay gaming taxes on the house winnings. So in theory any extra prize money put into a comp has already been taxed.
The revenue generated from card rooms comes from registration fees and the extra prize money usualy far out weighs the amount taken. Legaly only 10% of the stake. Title: Re: Finally serious Post by: glenner on November 17, 2005, 12:52:56 PM Thats fine, but its a bit of a cheek to the ask for a hotpot......................... sorry a sponsor to put money in when we make no real contrbution on the winnings
Title: Re: Finally serious Post by: glenner on November 17, 2005, 12:56:34 PM i guess i should have realised the response when i see some players bemoaning the fact that they have only won 60k when they could have picked up 120k but only laid out a couple of k
its the fillet v chataeu briaund Title: Re: Finally serious Post by: crddolly on November 17, 2005, 01:00:48 PM Thats fine, but its a bit of a cheek to the ask for a hotpot......................... sorry a sponsor to put money in when we make no real contrbution on the winnings So I am I right in thinking you never play games either on the net or in the card rooms which have been subsadised by the sponser? Title: Re: Finally serious Post by: Robert HM on November 17, 2005, 01:02:17 PM hmmm, not too sure about that - unless someone out there has the number of ken dodd's lawyer...... wouldn't do you any good, he's dead Title: Re: Finally serious Post by: thetank on November 17, 2005, 01:06:15 PM Ken Dodd or his lawyer?
Title: Re: Finally serious Post by: Robert HM on November 17, 2005, 01:07:11 PM the late George Carman QC
Title: Re: Finally serious Post by: glenner on November 17, 2005, 01:07:42 PM too busy eating!!!
I guess what im saying is that if poker is your day job then you should be subject to the same sort of stoppages that everyone else has. Or have i got this all wrong.................................like when i added soy sauce to my truffel en croute..........yuk!!! Title: Re: Finally serious Post by: matt674 on November 17, 2005, 01:08:59 PM in that case i plead insanity...... (is that not what Ken Dodd did?)
Title: Re: Finally serious Post by: Robert HM on November 17, 2005, 01:10:08 PM no, lack of dishonest intent I seem to recall
Title: Re: Finally serious Post by: matt674 on November 17, 2005, 01:12:59 PM i'd struggle to be dishonest considering there is a website that lists all my online tournament winnings.
I'll just have to keep my fingers crossed that winnings remain tax free!! ;pokergods; Title: Re: Finally serious Post by: thetank on November 17, 2005, 01:13:51 PM I'd pay tax happily if the government would give the same % back to me when I lose.
Title: Re: Finally serious Post by: matt674 on November 17, 2005, 01:14:56 PM Title: Re: Finally serious Post by: crddolly on November 17, 2005, 01:18:48 PM by the time you take out your expenses for entering the comp, fuel, entry money ect plus all the time you do not hit the money. The tax man could end up owing you money. Well he could if he played like me lol
Title: Re: Finally serious Post by: thetank on November 17, 2005, 02:56:06 PM Right enough, perhaps less begrudgingly should have been used instead of happily. I can't spell that though. Title: Re: Finally serious Post by: matt674 on November 17, 2005, 03:04:00 PM well thankfully we dont have to - and long may it last :)
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