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Sole source of income is from online poker But FT college student

  • 27-12-2011 9:40pm
    #1
    EC1991
    Registered Users, Registered Users 2 Posts: 30 ✭


    Online poker being my only source of income, but being a fulltime student does anybody know if there's going to be a tax introduced over the new 2-3 years to tax this? some countries such as USA, Germany, France etc all tax it although England is tax free still.

    Does anybody know of any tax that is due to come into place ? If so how much would this be expected to be? USA has something like a 20% tax.


Comments

  • #2
    TiGeR KiNgS
    Registered Users, Registered Users 2 Posts: 1,435 ✭✭✭TiGeR KiNgS


    EC1991 wrote: »
    Online poker being my only source of income, but being a fulltime student does anybody know if there's going to be a tax introduced over the new 2-3 years to tax this? some countries such as USA, Germany, France etc all tax it although England is tax free still.

    Does anybody know of any tax that is due to come into place ? If so how much would this be expected to be? USA has something like a 20% tax.

    Nobody knows the answer to your question, not even the government or the IMF.

    It will be a budget by budget wait and see process i'm afraid.


  • #3
    EC1991
    Registered Users, Registered Users 2 Posts: 30 ✭EC1991


    Thank Tiger,
    but Isn't there not plans to introduce a gambling tax sometime in the near future?


  • #4
    TiGeR KiNgS
    Registered Users, Registered Users 2 Posts: 1,435 ✭✭✭TiGeR KiNgS


    EC1991 wrote: »
    Thank Tiger,
    but Isn't there not plans to introduce a gambling tax sometime in the near future?

    Plans and intentions are meaningless when your talking about Governments.

    For example, there were lavish plans for an underground DART, Metro north, 450m Euro road to the North that are now pushed to the long term or totally finished.

    That's Politics hehe


  • #5
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    I presume the OP is talking about the extension of betting duty to online / telephone betting...

    http://budget.gov.ie/Budgets/2012/Documents/Summary%20of%202012%20Budget%20and%20Estimates%20Measures%20Policy%20Changes.pdf
    Betting Duty
    The Betting (Amendment) Bill is now at an advanced stage of drafting with a final draft expected from the Attorney General’s Office early in the New Year. The Bill will, inter alia, facilitate the extension of the betting duty of 1% to remote betting and the introduction of a betting intermediaries’ duty (Gross Profits Tax of 15%) to cover betting exchanges. Following publication of the Bill there is a legal requirement to notify the EU Commission 3 months in advance of enactment of the Bill. It is intended that the new taxation regime will commence from the second quarter of 2012.

    OP, this is not a change in how winnings from gambling are taxed in the hands of the gambler - it is a transaction tax, like VAT. The effect of this may be an increased rake in online poker rooms.


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