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#1
09-14-2005, 10:47 AM
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Re: Another tax question! (For UK players)
[ QUOTE ]
Not sure where the not unless its your main income has come from. [/ QUOTE ] Come to think of it, im not sure where it comes from either. I've just heard it stated many times on the Internet, and the Internet never lies. The reason I asked is that logic tells me that if you are earning a regular sizable income from gambling, the taxman may want his cut. I've also heard of certain pro players 'officially' running a business to avoid any tax issues. Some pages of interest i've come across, though nothing that convinces me 100%: RGP thread The Hendon Mob - Poker And The Taxman Taxation web forum discussion HM Revenue & Customs Another RGP thread 
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#2
09-14-2005, 11:02 AM
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Re: Another tax question! (For UK players)
What's the problem? From the threads you linked, it looks like Graham vs Green does apply. And from the HM Revenue and Customs page:
[ QUOTE ] What income is not taxable? [snip irrelevant stuff] * Premium Bond, National Lottery, and gambling prizes. [/ QUOTE ]
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#3
09-14-2005, 11:32 AM
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Re: Another tax question! (For UK players)
[ QUOTE ]
[ QUOTE ] Not sure where the not unless its your main income has come from. [/ QUOTE ] Come to think of it, im not sure where it comes from either. I've just heard it stated many times on the Internet, and the Internet never lies. The reason I asked is that logic tells me that if you are earning a regular sizable income from gambling, the taxman may want his cut. I've also heard of certain pro players 'officially' running a business to avoid any tax issues. Some pages of interest i've come across, though nothing that convinces me 100%: RGP thread The Hendon Mob - Poker And The Taxman Taxation web forum discussion HM Revenue & Customs Another RGP thread [/ QUOTE ] Ive personally gone into our local income tax office and asked them flat out if i had to pay tax, NI and the like. They said winnings from gambling does not need to be reported and have tax paid on it, and if you do it as a living you are not required to pay national insurance. I had them double check and i took it as gospel. Just find your local tax office and go speak to someone, they are there to help you and will give you it in writing if you so require.
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