Ireland and poker tax

Shades

Hey guys
Newbie to boards.ie here , never knew there was a poker section. Simple question , what is the story with tax and online poker in Ireland ? If i play full time should i be paying some form of tax ?

menoscemo

No tax on gambling in ireland

wannabecraig

Shades wrote: »

Hey guys
Newbie to boards.ie here , never knew there was a poker section. Simple question , what is the story with tax and online poker in Ireland ? If i play full time should i be paying some form of tax ?

You play fulltime and you don't know? WTF.

joekeville

He never said he plays full time he just said IF

Lurker1977

IrishKestrel wrote: »

Firstly - there is no tax liability from "Winnings from betting, lotteries, sweepstakes or games with prizes" .... so no tax on your poker winnings or from staking someone in poker. (Section 613(2) of the relevant tax legislation).

Poker is taxable in one of 2 ways (income tax or a tax on the rake) in the US, UK, Switzerland, Netherlands and a lot of other countries. It won't take too long for there to be a legislative change here in Ireland. Michael McDowell already tried to implement regulatory legislation over casinos and poker when he was Minister for Justice.

So......poker professionals in Ireland should be planning for the impact this will have on their livelihood (and their bankroll) - especially the high profile ones. And copies of shows like "Late Night Stars of Poker" will raise the profile even more. It's only a matter of time ..... so let's enjoy the tax-free income while we can.:):)

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Lurker1977

IrishKestrel wrote: »

OK - so here's the boring technical answer......

Income from Poker is treated under Capital Gains Tax (25%) legislation, as opposed to Income Tax (41%) legislation.

However, S 613 of the Taxes Consolidation Act 1997 (..told you this would be boring...) covers this off.

"Winnings from betting (including pool betting), lotteries, sweepstakes, or games with prizes shall not be chargeable gains.."

and for those who like to 'stake' people into tourneys

"...and rights to winnings obtained by participating in any pool betting, lottery, sweepstake or game with prizes shall not be chargeable assets."

TRANSLATION: It is tax free income. If it was a good enough excuse for our former Taoiseach to avoid tax problems, your sorted.

Your money in your bank account is as safe as a house / bank / Fianna Fail TD / ?????.

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nev0

I hope I actually get to finally make some profits from poker before the tax rules are changed (as they most surely will be in the not too distant future).

Of course in the future us fish might be able write off our loses against "other income" as is the case in other juristictions.

mobilecore

interesting read.
whats the story with running events side?
like what about guys like jp poker and all. Whats the deal with tax then?

wannabecraig

They're a business. I'm pretty sure the vig is taxed.