Quick Question for the pros

DeadParrot

Just seeing roy brindley being knocked out of the grandprix
and he was talking about a good day at the office 60K etc etc...
Now, I understand that Nicky et al dont pay tax on their earnings,

My question is what happens if/when the taxman comes knocking about your earnings?
Or is it a moot point?

bohsman

No tax on gambling winnings in Ireland. No tax refunds on losses either.
Remember its gambling not a game of skill.

cardshark202

bohsman wrote:

No tax on gambling winnings in Ireland. No tax refunds on losses either.
Remember its gambling not a game of skill.

This is true. All the pros are just consistently lucky people

MGrah

bohsman wrote:

No tax on gambling winnings in Ireland. No tax refunds on losses either.
Remember its gambling not a game of skill.

On this note, aren't professional sports people excempt from income tax in Ireland anyway? So really if the work mentioned in other threads to get poker recognised as a game of skill, so that the clubs can operate legally, they should be focussing on getting it recognised as a sport, so as not to push all the pros down the route of having to pay tax. I'm sure there's plenty of people out there who are making a good living from playing poker today, but if they suddenly had 42% taken out of they're profit they'd be back down the job queue.

5starpool

I doubt professional sportpeople are exempt. I know 'artists' such as U2 (they can't afford tax anyways) are, but I had no knowledge of this being true for sport too.

Ollieboy

5starpool wrote:

I doubt professional sportpeople are exempt. I know 'artists' such as U2 (they can't afford tax anyways) are, but I had no knowledge of this being true for sport too.

Sports people do get special exemptions from tax, its not as much as Artist, but they can earn 250k per year or something.

I suppose the next thing we'll want is poker to be in the Olympics...lol

All gambling wins are exempt from tax and if the tax man comes knocking on the door, you just have to prove that you won it. Thats why some people our laundry money in casino's in Ireland and thats why the govt might take action on it.

ollyk1

5starpool wrote:

I doubt professional sportpeople are exempt. I know 'artists' such as U2 (they can't afford tax anyways) are, but I had no knowledge of this being true for sport too.

It is true for specific sports Dom. It was brought in about 4 years ago. Rugby, soccer and horse racing earnings are some I can think of off the the top of my head. Specifically a sports person must be tax resident in Ireland for the last 2 or 3 years of their sports career and it relates to their earning arising directly from their sport (i.e. no tax-free endorsement earnings) thats why a lot of the rugby pros will be ending their careers in Ireland if they are anyway smart and why the irfu can afford to pay less they the English game and still hold onto their players.

5starpool

ollyk1 wrote:

It is true for specific sports Dom. It was brought in about 4 years ago. Rugby, soccer and horse racing earnings are some I can think of off the the top of my head. Specifically a sports person must be tax resident in Ireland for the last 2 or 3 years of their sports career and it relates to their earning arising directly from their sport (i.e. no tax-free endorsement earnings) thats why a lot of the rugby pros will be ending their careers in Ireland if they are anyway smart and why the irfu can afford to pay less they the English game and still hold onto their players.

bsatards!!! No wonder the rest of us are getting screwed. I'm sure poor BOD can afford a few shekels in tax, or maybe not, herself looks very high maintainence (as well as very annoying - in every bloody paper!)

/end rant

MrPillowTalk

bohsman wrote:

No tax on gambling winnings in Ireland. No tax refunds on losses either.
Remember its gambling not a game of skill.

This is a good point for maybe not fighting the populat view that poker is pure gambling, if you can get the govt to recognise that the skill element is the determining factor in a players success/lack of success it may not be long before "pros" winnings become taxable.

I know everyone will say if they make winnings taxable they will have to make losses tax deductable and this would end up in an exchequer net loss on gambling, but Irish govts are highly inventive in the taxing system..........

Ollieboy

I know everyone will say if they make winnings taxable they will have to make losses tax deductable and this would end up in an exchequer net loss on gambling, but Irish govts are highly inventive in the taxing system..........[/QUOTE]

This would be easily solve, similiar way to the rental income, losses on poker could only be set-off against income from poker in earlier years. So if you had no profit, you cant get a tax refund.

But once poker is a game of luck and not skill, we'll see no tax's on it....

Iceman78

It is not true that all sports people are exempt from paying tax. They all pay tax as normal but they get a refund of 20% of the tax they paid when they retire from their chosen sport.

I dont ever see a day where poker winnings will be taxable. It would be nearly impossible to prove especially as most live winnings are paid in cash.

Drakar

Talking of which, is anyone ever concerned when walking home at 4am with like €2k in cash on you and a line of guys who you rivered waiting for you outside?

Samba

Drakar wrote:

Talking of which, is anyone ever concerned when walking home at 4am with like €2k in cash on you and a line of guys who you rivered waiting for you outside?

lol - you should not be looking to the river to make to your money! Only circumstances which I do this is when i'm playing Dev