OT: UK tax implications

[stanzee]

A question for poker players from the UK. If you are playing full time (or even part time) should you be declaring your earnings and paying tax? I gather in the US the IRS are a LOT more strict about keeping records, but on this side of the pond is there any need to worry? Does anyone know the UK tax laws on this?

[lorinda]

Gambling winnings are not taxable in the UK at this time.

Edit: I keep very strict records however, as the onus of proof is on you.

If they ask where your $xxx,xxx,xxx came from last year, you need to be able to prove it was from gambling.

Lori

[The Yugoslavian]

[ QUOTE ]

$xxx,xxx,xxx came from last year

[/ QUOTE ]

Yeah, so I think it's time you moved up to the $109s.

/images/graemlins/tongue.gif

Yugoslav

[brimstone1]

Same topic, slightly different question; what do people living the US, playing only part-time do with their taxes? Do you declare the amount you took out from neteller to your checking account as gambling winnings and pay tax on it?

[MegaBet]

[ QUOTE ]
A question for poker players from the UK. If you are playing full time (or even part time) should you be declaring your earnings and paying tax? I gather in the US the IRS are a LOT more strict about keeping records, but on this side of the pond is there any need to worry? Does anyone know the UK tax laws on this?

[/ QUOTE ]

This has been discussed many times. No, in the UK we don't have to pay tax on our winnings. Here are a few links for you.

http://www.internettexasholdem.com/phpbb2/sat-jan-15-2005-600-pm-vp96113.html

http://www.thehendonmob.com/Articles/poker%20and%20the%20taxman.htm

[lacky]

No wonder you can live without rakeback......

[se2schul]

No tax in Canada, eh!!!