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Title: Grey Areas? Post by: byronkincaid on March 27, 2009, 02:58:09 PM 1 If an individual stakes someone to play in a tourney and the person wins some money it's not taxable.
If you set up a company to stake people into poker tournaments and make a profit it's taxable? 2 If a company pays you 10K to wear it's shirt in the WSOP you would have to pay tax on the 10K? If a company says wear our shirt and we'll buy you into the WSOPE it's taxable? If a company says wear our shirt and we'll pay for your hotel it's taxable? 3 If a poker player sells a stake in himself with a premium on top, the premium is taxable? 4 You have a bet on something with your mate it's not taxable. You set up an overround book, put it up on an internet forum and accept bets from a few different people it's taxable? Just wondering theoretically, I realise in practice that if say someone sells 10% of themselves in a £300 comp at 1.2 they would easily be able to offset petrol, food, hotel against tax if there were any theoretically to pay. Everything seems to have got so much more businesslike in the last year or so. I am not trying to imply that it's a bad thing. Just kinda feels like a party where the music's slowly getting louder and louder and eventually it's gonna attract some attention. Title: Re: Grey Areas? Post by: Bongo on March 27, 2009, 03:01:41 PM Everything seems to have got so much more businesslike in the last year or so. I am not trying to imply that it's a bad thing. Just kinda feels like a party where the music's slowly getting louder and louder and eventually it's gonna attract some attention. And the police's stereo is broken and they'd quite like a new one? Title: Re: Grey Areas? Post by: MC on March 27, 2009, 03:04:04 PM sssssshhhhhhhhh!!!
I don't see how any of this would be enforcable really... Title: Re: Grey Areas? Post by: tikay on March 27, 2009, 03:08:20 PM Good questions, as ever, from Byron. For sure, 1) Yes, the Company has to pay tax, like any other Company. 4) It's not legal to "make a book" unless you are licensed, so far as I m aware. No idea on the others - though 2 is VERY interesting, if the Sponsor pays the money (entry Fees) to the player. Of course, if they "pay the player in" themselves, the player is OK. Title: Re: Grey Areas? Post by: david3103 on March 27, 2009, 03:20:52 PM This thread may be of interest,
http://www.taxationweb.co.uk/forum/professional-gambler-income-tax-t1201.html I decided to save my endurance for continuing to read Red-Dog's thread, but I did find this http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm which amongst other things, may have relevance for tikay I think... "...Some ‘professional gamblers’ do carry on a trade, for example, where they receive appearance money for appearing on television programmes. They are providing a service to a customer (the television production company) for reward. Whether their gambling winnings are proceeds of that trade would depend upon the facts." Title: Re: Grey Areas? Post by: thetank on March 27, 2009, 03:48:54 PM 1 If an individual stakes someone to play in a tourney and the person wins some money it's not taxable. If you set up a company to stake people into poker tournaments and make a profit it's taxable? 2 If a company pays you 10K to wear it's shirt in the WSOP you would have to pay tax on the 10K? If a company says wear our shirt and we'll buy you into the WSOPE it's taxable? If a company says wear our shirt and we'll pay for your hotel it's taxable? 3 If a poker player sells a stake in himself with a premium on top, the premium is taxable? 4 You have a bet on something with your mate it's not taxable. You set up an overround book, put it up on an internet forum and accept bets from a few different people it's taxable? Just wondering theoretically, I realise in practice that if say someone sells 10% of themselves in a £300 comp at 1.2 they would easily be able to offset petrol, food, hotel against tax if there were any theoretically to pay. Everything seems to have got so much more businesslike in the last year or so. I am not trying to imply that it's a bad thing. Just kinda feels like a party where the music's slowly getting louder and louder and eventually it's gonna attract some attention. fyp Title: Re: Grey Areas? Post by: AceofWands on March 27, 2009, 03:57:12 PM Proceeds made directly from gambling are certainly not taxable but monies made from from things like TV appearences, poker journalism, sponsorship deals and online prop/shill deals certainly are.
It would be interesting to know exactly how much ever gets paid. Title: Re: Grey Areas? Post by: AlexMartin on March 27, 2009, 03:59:41 PM lock and remove this thread asap. poker is a game of luck, as testified by Tikays win at luton on wednesday.
p.s wd gramps. Title: Re: Grey Areas? Post by: Dingdell on March 27, 2009, 04:30:39 PM I think it would be too difficult to enforce so it will remain untaxable unless they start taking an interest in the pay out slips from any casino which may then be taxable - but then you could offset against all the losses so I can't see it working.
Title: Re: Grey Areas? Post by: cia260895 on March 27, 2009, 05:54:15 PM 1 If an individual stakes someone to play in a tourney and the person wins some money it's not taxable. If you set up a company to stake people into poker tournaments and make a profit it's taxable? 2 If a company pays you 10K to wear it's shirt in the WSOP you would have to pay tax on the 10K? If a company says wear our shirt and we'll buy you into the WSOPE it's taxable? If a company says wear our shirt and we'll pay for your hotel it's taxable? 3 If a poker player sells a stake in himself with a premium on top, the premium is taxable? 4 You have a bet on something with your mate it's not taxable. You set up an overround book, put it up on an internet forum and accept bets from a few different people it's taxable? Just wondering theoretically, I realise in practice that if say someone sells 10% of themselves in a £300 comp at 1.2 they would easily be able to offset petrol, food, hotel against tax if there were any theoretically to pay. Everything seems to have got so much more businesslike in the last year or so. I am not trying to imply that it's a bad thing. Just kinda feels like a party where the music's slowly getting louder and louder and eventually it's gonna attract some attention. fyp so deserves a LOL Title: Re: Grey Areas? Post by: MC on March 27, 2009, 10:10:24 PM 1 If an individual stakes someone to play in a tourney and the person wins some money it's not taxable. If you set up a company to stake people into poker tournaments and make a profit it's taxable? 2 If a company pays you 10K to wear it's shirt in the WSOP you would have to pay tax on the 10K? If a company says wear our shirt and we'll buy you into the WSOPE it's taxable? If a company says wear our shirt and we'll pay for your hotel it's taxable? 3 If a poker player sells a stake in himself with a premium on top, the premium is taxable? 4 You have a bet on something with your mate it's not taxable. You set up an overround book, put it up on an internet forum and accept bets from a few different people it's taxable? Just wondering theoretically, I realise in practice that if say someone sells 10% of themselves in a £300 comp at 1.2 they would easily be able to offset petrol, food, hotel against tax if there were any theoretically to pay. Everything seems to have got so much more businesslike in the last year or so. I am not trying to imply that it's a bad thing. Just kinda feels like a party where the music's slowly getting louder and louder and eventually it's gonna attract some attention. fyp so deserves a LOL lol +1 |