Professional Gambler & Income Tax

[hot5pur]

Just to be absolutely certain:

A holidaymaker goes to Las Vegas and wins say £10,000 on a poker game - does he pay tax on re-entering the U.K.?

Thanks. Question from a customer who has won a holiday to Vegas.

[PhilG008]

Hi all please help if you can.

I currently play Poker full time online in the uk.

I also have an affiliate with the poker site to bring new players to the site.

My commissions are totalling close to $5k a month and this is getting paid into my poker account (same place where my bankroll for playing with is)

I understand i dont have to pay tax on my earnings through gambling but..as my commisions is also getting paid into the same account i have a few questions...

Will i have to pay tax on my commissions ?
If so how can this be traceable?

Also if it is getting paid into my poker account will it be easy for me to to decide how much of this is declarded as earnings from commission and liable for tax.

thanks in advance

[The Gambler]

The text on that IR page about the Graham v Green case has changed again.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm

"This shows that having expertise or being systematic (‘studying form’) is not enough to create a trade of being a ‘professional gambler’."

After reading that page, I fail to see how any tax office could possibly try to claim tax on gambling winnings.

[Eudaemonicpie]

Hi

This also concerns me, I purchased a roulette computer 2 years from a guy in the UK built into a mobile phone, some of you may have read about him in the guardian Newspaper I have made around £200,000 a year, playing different nights of the week and involving a different friends to lay the bets so the casinos do not get supect, especially after the Ritz trio that took 1.3 million in just two nights using this technology.

Should i declare tax on this, its totally legal in the UK to use these devices at the moment, so curious to hear someone that is an expert in this field.

Thanks

[Ole]

Hello all,first of all,thanks for all the postings,this site is invaluable for free info,my situation is:
I've recently been made redundant,and i'm thinking about giving it a go full time betting with a % of my pay off,i don't want to sign on for any benefits,just basically become a house husband and see how it goes,has anyone an idea who would be my first point of contact?

From reading previous comments,it sounds like the issue of paying tax on winnings is not set in stone either way,and i wouldn't think it wise to stick my head above the trench and formally ask,so any further wise words would be taken on board.

any info on any of these topics would be greatly appreciated,thanks,
Ole.

[mowa]

Ole, you could try asking one of the spread betting firms on the pretense that you are considering opening an account.

I am reading a book by an investment guru who actively uses this method, he advocates because it's betting it's tax free. The princples are the same as betting on horses, football or any other sport you could mention just with SBing the more you're right the more you win and vice versa if you lose.

Some firms are IGindex, Spreadex, Sporting Index Cantor index.

Of course the only definitive answer you're going to get is if you discuss it with your local tax office.

Hope this helps.

[Ole]

Thanks mowa,think i'll try that option as opposed to the tax office at present..i was also wondering about NI and state pension contributions etc.

Apart from a few close friends i'm not making it common knowledge,cos i'm aware of the stigma attached to regular gambling,maybe (touchwood)when i buy that villa in spain i'll let folk know how i paid for it !

Its a tentative subject really,but i'd rather find out now than get hit with a massive bill years later.
Thanks once again.

[The Gambler]

If you would "rather find out now than be hit with a bill years later". Why not try your tax office for something in writing that states gambling winnings are not taxable?

The more you win the more you will worry about it in the future. Sort it out now and confirm it went OK on here.

[Ole]

My main concern with doing that is,(and perhaps i'm being a tad paranoid here cos i've never been in a tax office in my life) as i mentioned in the first message,popping my head above the trench,and finding out i'm liable for all kinds of
'self employed' restrictions..and of course then my personal circumstances have been logged,has anyone on this forum ever asked the question officially?

[The Gambler]

In 2003 I phoned the IR self assessment line and asked about gambling winnings. The woman I spoke to told me she expected it would not be taxable like a lottery win wouldn't. She went away to confirm it with a supervisor and came back laughing about the idea it might be taxable saying "there isn't even anywhere on the form you could declare it".