Professional Gambler & Income Tax

by **belsizepark** on Mon Jul 21, 2003 2:15 am

Thank you Mike.

I think my friend will be very relieved. It has been the one thing that has been nagging him.

If the revenue ever come to question him. I guess that he can tell the truth. He won all the money gambling and if need be, they can check with various casinos in the UK his his passports for his numerous trips to Las Vegas and other places where poker and backgammon tournaments are held.

It's a nice life if you can do it.. an it's substantially better if it is tax free!!!

by **MikeWW** on Mon Jul 21, 2003 2:41 am

btw I'm no expert on these matters, which is why I posed the original question.

So your friend's best bet (pun not intended) would be to engage the services of someone expert in this area. I'm sure they would easily be able to tell him one way ot other. If he has no income tax to pay on his gambling winnings, I'd guess he'd be able to afford their fees.

The name of that case I mentioned above was:-

Burdge v Pyne 45TC320 the proprietor of a registered club, which provided facilities including a card room for gambling, won considerable sums of money from three-card brag which he played regularly with members in the card room.

Here's someone info about it:-

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

by **belsizepark** on Mon Jul 21, 2003 3:56 am

Thank you for the article. Given the size of money involved my friend has tried to take some professional advice but he has received conflicting opinions.

Interestingly it would appear from the article that your view is completely accurate. I thank you for all the artciles and your time taken.

by **mary2002@imageirelan** on Mon Jul 21, 2003 4:29 am

So, is the consensus that a professional gambler betting on horses, would NOT be taxed under schedule D ?

by **belsizepark** on Mon Jul 21, 2003 4:40 am

That would appear to be the case Mary, unless the person is also a bookmaker. If they just go to the bookmakers and place bets even on a habitual basis then it would appear that any winnings are not taxable

by **MikeWW** on Mon Jul 21, 2003 5:10 am

Actually, just a thought - maybe James would know the answer to this...

Even if a pro-gambler was not required to pay tax on their winnings, would they still be required to submit a self-assessment form stating that they made x amount from betting?

by **MikeWW** on Tue Jul 22, 2003 2:24 am

I'm just after having a word with an accountant with some knowledge in this area, and apparently as betting wins are not taxable, then there is no need to record them on the self-assessment return.

Just like you are not required to mention interest received on an ISA and so on.

by **Sandown** on Sun May 09, 2004 12:15 pm

The Chancellor is reviewing the tax position ofbetting exchanges and their clients. This might be widened to include all gambling winnings.What advantages and disadvantages are there for the exchequer if a tax is introduced on a) net profits b) winnings on 1) all punters 2)professional gamblers

by **rochelongue** on Wed May 19, 2004 1:02 am

re Sandown - 9th May 04 - any idea where I can find more info on this. IRV site does not get any hits on a search

by **garysmith** on Sat Oct 30, 2004 3:10 pm

I am a professional gambler who solely makes his living from the exchanges and sportsbooks.

I estimate my annual income to be in the region of between Â£100000 - Â£180000 p.a. and am very interested to know what my situation is regarding income tax. I have not declared my winnings to the IR.

Any advice on my particular situation would be greatly appreciated.

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