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winnings as taxable income?

igfbobby1igfbobby1 Member Posts: 9
edited October 2010 in Poker Chat
Hi everyone, new on the forum and enjoying the site. Question i have is this: Do you have to declare poker winnings as part of your taxable income, earnt either online or in live tournaments? I'm not at a level where this is more than a theoretical problem for me, but was interested in the answer. Second question, who bankrolls the sky poker professionals and do they get to keep their winnings? Having battled with gliterbabe i'ld like to know if he keeps his winnings!!! : )
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  • penguin7penguin7 Member Posts: 1,095
    edited October 2010
    In Response to winnings as taxable income?:
    Hi everyone, new on the forum and enjoying the site. Question i have is this: Do you have to declare poker winnings as part of your taxable income, earnt either online or in live tournaments? I'm not at a level where this is more than a theoretical problem for me, but was interested in the answer. Second question, who bankrolls the sky poker professionals and do they get to keep their winnings? Having battled with gliterbabe i'ld like to know if he keeps his winnings!!! : )
    Posted by igfbobby1
    In the UK, poker winnings are treated the same as lottery winnings,or winnings at roulette in a casino and so are not taxable. Its not the same in other parts of the world, in the USA winnings over a certain level are taxed at 30%.
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  • scotty77scotty77 Member Posts: 4,970
    edited October 2010
    Poker winnings aren't taxable.
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  • donkeyplopdonkeyplop Member Posts: 3,795
    edited October 2010
    I bet this new government will try to tax it though the robbing b*****s ;)


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  • DaveOwlXDaveOwlX Member Posts: 140
    edited October 2010
    It's ok, before that happens they will remove all the poker tables in the UK so they can make dealer cuts...
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  • spornybolspornybol Member Posts: 8,212
    edited October 2010
    if anyone want`s to pay tax on there winnings, i`m willing to take it at 5%
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  • beanehbeaneh Member Posts: 4,079
    edited October 2010
    In Response to winnings as taxable income?:
    Hi everyone, new on the forum and enjoying the site. Question i have is this: Do you have to declare poker winnings as part of your taxable income, earnt either online or in live tournaments? I'm not at a level where this is more than a theoretical problem for me, but was interested in the answer. Second question, who bankrolls the sky poker professionals and do they get to keep their winnings? Having battled with gliterbabe i'ld like to know if he keeps his winnings!!! : )
    Posted by igfbobby1
    No poker maneys isn't taxable :-)
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  • emilyeggemilyegg Member Posts: 3,408
    edited October 2010
    if poker winnings were taxable.....ffs, I would probably be due a tax rebate.
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  • spornybolspornybol Member Posts: 8,212
    edited October 2010
    In Response to Re: winnings as taxable income?:
    if poker winnings were taxable.....ffs, I would probably be due a tax rebate.
    Posted by emilyegg
    your check is in post, all off 1p
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  • thorpey1thorpey1 Member Posts: 165
    edited October 2010
     what are winnings?
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  • YOUNG_GUNYOUNG_GUN Member Posts: 8,948
    edited October 2010
    as for the pro's on here they play with their own money and any winnings they get 100% Bar rake obviously, the ones that are in team sky is a live experiment so sky will pay for their buy ins i assume they still get their winnings
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  • ACESOVER8sACESOVER8s Member Posts: 1,307
    edited October 2010
    In Response to Re: winnings as taxable income?:
    as for the pro's on here they play with their own money and any winnings they get 100% Bar rake obviously, the ones that are in team sky is a live experiment so sky will pay for their buy ins i assume they still get their winnings
    Posted by YOUNG_GUN
    Most sites will have a make up, so they wil get their winnings minus what the site has paid in entry fees and what ever percentage the site has agreed to take. Don't know if that is the case on here but i'm sure Tikay or one of the Team Sky members can fill us in on the agreement
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