Tax

Zab

I'm aware that this has come up before, but I'm bringing it up again anyway

I gather that poker players in Ireland aren't required to pay tax. Has anybody actually talked to a tax accountant about this? What if your entire living is coming from poker?

If somebody has got professional advice on this, perhaps a sticky is in order?

I did try a search, but nothing came back. I assume posts that were in the old version of vB don't get searched?

Shortstack

Poker is classed as gambling so there is no tax. This has been confirmed by a Tax official (with quite a bit of authority).

jacQues

Shortstack wrote:

Poker is classed as gambling so there is no tax. This has been confirmed by a Tax official (with quite a bit of authority).

Just to add to this, to avoid people that think they are 'smart': read "no income tax".

All other taxes must be paid as normal. Organisors aren't gambling so do pay taxes. Also if you play and win abroad you may be required to pay some form of tax there and/or import-tax here upon return. Even within the EU there is some form or regulation about moving big stacks across borders.

On a personal note. I do not mind paying taxes. I pay too little as it is and would like to pay a million euro tax a year.

jacQues

The Shoe

Income Tax is not payable if poker (gambling) is not your main source of income.

However, if it is your main source of income it should be taxable.

Dub13

The Shoe wrote:

However, if it is your main source of income it should be taxable.

No forum of gambling income is taxable in Ireland...if its your only income or not.

tap28

The issue is that Revenue doesn’t tax gambling and it sees poker as a form of gambling (we know different).;)
The reason Revenue don't tax gambling is that they are more concerned Joe Bloggs offsetting his huge gambling losses against his income. Therefore reducing his income tax liability.
If they won't allow the losses they can't charge on the gain/profit. In reality Revenue takes the view that most gamblers loose as much as they win.

Imposter

jacQues wrote:

Even within the EU there is some form or regulation about moving big stacks across borders.

Any more info on this?

Dub13

Imposter wrote:

Any more info on this?

Not aware of any tax that has to be paid when moving cash within the EU,but there are regulation's about moving cash.Its to combat money laundering .

More info to be found here
http://europa.eu.int/comm/taxation_customs/customs/customs_controls/cash_controls/index_en.htm

Zab

Okay, so most people seem to agree: no income tax on poker (gambling).

Does this mean bookies don't pay income tax?

NickyOD

I called to the Limerick Tax office just to be sure before I started playing full time and I was told I did not have to pay tax even if poker is my only form of income.

Cianos

I called to the Limerick Tax office just to be sure before I started playing full time and I was told I did not have to pay tax even if poker is my only form of income.

Handy isnt it?

I laugh in the face of Neteller fees :v:

bmc

Zab wrote:

Okay, so most people seem to agree: no income tax on poker (gambling).

Does this mean bookies don't pay income tax?

There is a government levy on a bet placed in a bookies.

It's not a standard tax, it's a similar idea to the levy on cigarettes or alcohol.

I don't knwo whether the bookie themselves must pay income tax but I suspect so...

5starpool

The levy was reduced from 2% to 1% in the budget I believe, and bookies are mostly picking up that themselves now, but before the punters were mostly paying it I believe.