#1
|
|||
|
|||
OT: UK tax implications
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?
|
#2
|
|||
|
|||
Re: OT: UK tax implications
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 |
#3
|
|||
|
|||
Re: OT: UK tax implications
[ QUOTE ]
$xxx,xxx,xxx came from last year [/ QUOTE ] Yeah, so I think it's time you moved up to the $109s. [img]/images/graemlins/tongue.gif[/img] Yugoslav |
#4
|
|||
|
|||
Re: OT: UK tax implications
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?
|
#5
|
|||
|
|||
Re: OT: UK tax implications
[ 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/p...m-vp96113.html http://www.thehendonmob.com/Articles...e%20taxman.htm |
#6
|
|||
|
|||
Re: OT: UK tax implications
No wonder you can live without rakeback......
|
#7
|
|||
|
|||
Re: OT: UK tax implications
No tax in Canada, eh!!!
|
|
|