I feel sorry for the Americans!

[Junior Senior]

rest assured. your winnings gained through gambling are none taxable and you dont have to declare them.  I have been through this with the tax office and NI people.


-the end-

[Harry Demetriou]

Just to clarify my previous comments.

Americans pay tax on their global income.

UK citizens pay tax on their global income (you are supposed to pay tax and declare interest on all those overseas bank accounts).

The way the tax laws are worded you do not pay tax on gambling winnings in the UK as long as it is not your only source of income.

Even if it is your only income they are reluctant to tax you because to do so they would have to allow you to offset expenses and more importantly losses. As mosdt people lose it would set a disastrous precedent for the tax office as everyone would then start offsetting all their gambling losses.

A STRICT interpretation of the law only exempts gambling winnings if they are not your only income but the reality is a little fuzzier. I shall try and find the exact wording.

[Mark S.]

As I said in my first post....

I feel sorry for the Americans!

 

[TightEnd]

I see, so in theory if your gambling winnings are your only source of income you can be taxed but as it would lose them money once you offset them against hotel bills, fuel etc and losses they'd lose money and it would be horribly complicated to administer and police


another triumph of expediency over principle!!

[wsopin07]

Well, well.well,    I can tell you that when I won my WSOP event this year I actually had a silent partner playing w/ me??

THE IRS, TAX MAN, SNEAKY UNCLE PETE, UNCLE SAM, what ever you want to call him.

I will pay about a 30% tax on my poker PROFITS for the year

So when I buy into a $10,000 event during the rest of 2005 I am really only paying $7,000 because if I lose I dont pay taxes on that $10,000 because it comes of my PROFIT for the year 2005 and reduces my tax liability

I think it is a crock of xxxx, but good old uncle sam will always be my "silent" business partner.

The Rookie and his partner SAM

[snoopy1239]

I see, so in theory if your gambling winnings are your only source of income you can be taxed but as it would lose them money once you offset them against hotel bills, fuel etc and losses they'd lose money and it would be horribly complicated to administer and police


another triumph of expediency over principle!!

Does this mean you'd still have an obligation to declare?

[byronkincaid]

My accountant is ex Inland Revenue and pretty much a friend of the family. He spoke to two of his ex colleages and checked the laws etc and nothing has been mentioned about it shouldn't be your only source of income or any fuzzy areas. This thread has reminded me that I need to give him my tax form but nothing I'm sure will be written on it about my poker winnings.

[TightEnd]

Snoopy, now that seems like an excellent question


I know that in "normal" life if the taxman does not send you a tax return but you have something to declare it is not his responsibility to send you the form, you are responsible for asking for it


but the implication of Posts by Junior, At-It, Byron and others are that here you do not have to declare

[dan]

if you did have to pay tax on your winnings i think the tax man owes me about 3 grand 

[snoopy1239]

How much can I charge him if my aces get busted?

[Mark S.]

No tax declaration is necessary for UK citizens in the event of income derived by gambling!

Can you imagiine if a lottery winner suddenly declared that they were a professional lottery player?

Its all tax-fee boys & girls...so enjoy!

Only those daft Americans have to pay...so much for democarcy!

[wsopin07]

easy on us, we only do some things right I think playing poker is one of them

2005 WSOP PLH WORLD CHAMPION  (JUST KIDDING)

[AdamM]

reasonable HU game too, shows promise

[wsopin07]

VERY

reasonable HU game too, shows promise

NICE, NOW WHEN I GET THERE IN OCT I EXPECT A REMATCH

[AdamM]

would love to, If you win, I might even let you join the Nottingham Heads Up B team.

To the guys who showed an interest in that, we will try and get that HU match organised by the way