Tax and Poker

[cia260895]

The problem I have is that as Dec's dad is an online poker pro, the poker rooms won't release me information due to Data Protection and cannot get 1p out of him until he either comes clean about his earnings so CSA will give me money or he gets a normal job

So in some ways I wish it was taxable so he has to pay up!

ahhh the fabulous CSA look out for another thread i'll post about them just had anothe rletter from them arrggggggggg

[vegaslover]

see the government could change the UK law after all thats why they are there so that gaming wins are taxable but you cant claim on loses

if i remember right it wasnt long ago that they removed the 10%tax on all bet

dont think people were able to claim back there loses then

They removed the betting tax, after reducing it to 9%, but put a 15% levy on to bookies profits. The govt and the bookies were happy as turnover increased 4 fold.
Made gambling far easier too, with the tax in place, odds on shots weren't worth touching.

[cia260895]

so do poker pro's pay tax then??

[RED-DOG]

so do poker pro's pay tax then??

No. Poker is not taxed in this country.

[Longy]

so do poker pro's pay tax then??

No we are all officially retired,I retired at 26, lol.

[steeveg]

someone gave a link for this not long ago when asked the same question,the link gave a lot of court cases of why poker is not taxed, so just trying to stop people getting stung in a bet over this, but strictly speaking i think it went on to say if you orginise a poker tournament in your own home and you happen to play in this tournament and win,that poker win is taxed because it is classed as running a buisness, anyone who orginises a poker event is supposed to pay taxes on winnings i think,i wonder if 1 person has declared since law was introduced,lol ,

[kenjude]

so do poker pro's pay tax then??

Yes, but not on winnings from playing poker or gambling. Any other work they do (writing, TV work if paid, etc.) should be taxable, as is any interest they earn on their winnings.

[doubleup]

so do poker pro's pay tax then??

No we are all officially retired,I retired at 26, lol.

I think it is better to describe ones occupation as "gentleman".

[UpTheMariners]

ok so if your a pro poker player you dont have to pay income tax, but what about national insurance for services like the nhs?

[MC]

Just make sure when you go to the States you get an ITIN number sorted

I cash bubbled in a sattelite at the Borgata a couple of years ago for $5000 but only got $3700 or so cos they took the rest of it for their tax, the bastards. Never did manage to claim that back. What pissed me off was I lost money while I was there despite winning that $5k, so why should I get taxed for winnings when in reality there were none!!!!

[redsimon]

ok so if your a pro poker player you dont have to pay income tax, but what about national insurance for services like the nhs?

Peoples access to the NHS isnt based on NIC payments. Only think poker pros are missing out on are State Pension and State Second Pension (used to be known as SERPS). Hopefully most pros are investing some of their earnings in property, shares, savings accounts or businesses?

[redsimon]

Just make sure when you go to the States you get an ITIN number sorted

I cash bubbled in a sattelite at the Borgata a couple of years ago for $5000 but only got $3700 or so cos they took the rest of it for their tax, the bastards. Never did manage to claim that back. What pissed me off was I lost money while I was there despite winning that $5k, so why should I get taxed for winnings when in reality there were none!!!!

You can get an ITIN after coming back to UK and pretty sure 6 year time limit on claiiming back witheld tax. I had to do this on a much smaller win At caesars Palace but got my $ back about a year later

[RED-DOG]

Hopefully most pros are investing some of their earnings in property, shares, savings accounts or businesses?

But money from shares or interest from savings accounts would be taxable Simon, yes?

Although I can't really see some pro winning an EPT and then writing to the tax man to sat that his savings is earning x% interest.

[redsimon]

Hopefully most pros are investing some of their earnings in property, shares, savings accounts or businesses?

But money from shares or interest from savings accounts would be taxable Simon, yes?

Although I can't really see some pro winning an EPT and then writing to the tax man to sat that his savings is earning x% interest.

Tax on savings are deducted at source. Or you could try ISAs if you have such an aversion to paying tax

[RED-DOG]

Hopefully most pros are investing some of their earnings in property, shares, savings accounts or businesses?

But money from shares or interest from savings accounts would be taxable Simon, yes?

Although I can't really see some pro winning an EPT and then writing to the tax man to sat that his savings is earning x% interest.

Tax on savings are deducted at source. Or you could try ISAs if you have such an aversion to paying tax

Lol, I don't have an aversion, (Well, no more than the avarage Joe) I just want to understand it and I know that tax was your thing.