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Sark79
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« on: August 10, 2006, 10:52:31 AM » |
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I know that UK residents don't pay tax on gambling wins. But I was wondering how the agreement between the taxman in Nevada and Inland Revenue works?
Is there an unlimited amount of money allowed into the UK or is there a cap whereby the Nevada State taxman says, no more mate that's enough. Can they take a slice if the win is over a certain value?
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Graham C
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« Reply #1 on: August 10, 2006, 10:54:30 AM » |
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I think UK people have to fill a form in.
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Sark79
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« Reply #2 on: August 10, 2006, 10:56:29 AM » |
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I think UK people have to fill a form in.
ok ty, can that be for any value. Say you went to Vegas for next years WSOP and won $15 million. Would you be allowed the whole whack into the UK or would the Nevada State tax take any of that from you? |
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Woodsey
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« Reply #3 on: August 10, 2006, 10:57:25 AM » |
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I've always wondered how people got home a big win of say 6 figures. Do they transfer it to your bank account, or do you maybe be get a US cheque and can you cash that over here?
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Sark79
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« Reply #4 on: August 10, 2006, 11:00:38 AM » |
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I may be wrong, but in the Devilfish book he talks about carrying a large sum of money in bags. I have probably got this wrong though, flicking through for 5 mins in Borders isn't the best way to read a book  |
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Rod Paradise
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« Reply #5 on: August 10, 2006, 11:07:55 AM » |
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I know that UK residents don't pay tax on gambling wins. But I was wondering how the agreement between the taxman in Nevada and Inland Revenue works?
Is there an unlimited amount of money allowed into the UK or is there a cap whereby the Nevada State taxman says, no more mate that's enough. Can they take a slice if the win is over a certain value?
As I understand it the agreement is that the US/UK have an agreement not to take taxes off eachother's citizens as long as they pay the relevant tax on their earnings back at home. As the tax on earnings from gambling are 0 here, fulfilling that is not a huge burden on us. as for getting the money out of the US - not too sure TBH. |
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May the bird of paradise fly up your nose, with a badger on its back.
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Micko
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« Reply #6 on: August 10, 2006, 11:09:18 AM » |
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Well the 1.1 million that my mate won was just transfered to his bank the whole lot!!!
He did fill in forms though!!
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Sark79
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« Reply #7 on: August 10, 2006, 11:14:19 AM » |
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ok, so Graham's $15 million win next year can go straight to his bank account. Nice. I thought it would be really tough to move the cash around
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GlasgowBandit
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« Reply #8 on: August 10, 2006, 11:16:11 AM » |
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Well the 1.1 million that my mate won was just transfered to his bank the whole lot!!!
He did fill in forms though!!
What was your cut mate? |
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Karabiner
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« Reply #9 on: August 10, 2006, 11:16:58 AM » |
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I seem to remember reading about Julian Gardner travelling with a bag full of $$$$ after his 2nd place finish in the main event a few years ago.
If memory serves he even bought an extra seat for the bag of money to travel next to him !
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"Golf is deceptively simple and endlessly complicated. It satisfies the soul and frustrates the intellect. It is at the same time maddening and rewarding and it is without a doubt the greatest game that mankind has ever invented." - Arnold Palmer aka The King.
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Sark79
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« Reply #10 on: August 10, 2006, 11:19:20 AM » |
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I seem to remember reading about Julian Gardner travelling with a bag full of $$$$ after his 2nd place finish in the main event a few years ago.
If memory serves he even bought an extra seat for the bag of money to travel next to him !
Does that mean he could get two dinner orders and two sets of ear phones for the inflight movie? What about the refreshment bag? |
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Graham C
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« Reply #11 on: August 10, 2006, 11:30:04 AM » |
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ok, so Graham's $15 million win next year can go straight to his bank account. Nice. I thought it would be really tough to move the cash around
I'd fill in a few forms for that Seriously, it could happen, I think I'm going to boom in the next year Any potential sponsors should approach me now whilst I'm cheapish  |
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Sark79
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« Reply #12 on: August 10, 2006, 12:00:01 PM » |
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gl You will have to battle a table full of Blondites if my missionary work comes to anything.
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Micko
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« Reply #13 on: August 10, 2006, 04:09:54 PM » |
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Well the 1.1 million that my mate won was just transfered to his bank the whole lot!!!
He did fill in forms though!!
What was your cut mate? Unfortunatley none my m8 is pretty wealthy and he wast sellin any percentages i didt play main event so we couldt swap just my luck lol 5% would of netted 30 large!!!!!!!! |
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