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Transferring Tax Free Allowance?

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  • 02-12-2020 11:45am
    #1
    okidoki987
    Registered Users Posts: 10,618 ✭✭✭✭


    Mate is now a professional gambler/poker player.
    His income isn't taxable and he claims nothing from social as he's not available for work.
    His OH works and he's wondering what tax free allowances can he transfer to her as he has nothing to declare that is taxable?
    Assume the married persons allowance of €1,650 can be transferred from him to her so her TFA goes to €3,300 (€1,650 x 2) but can the "employee tax free credit of €1,650" as he doesn't have any "employment" as such?


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    #2
    gerrybbadd
    Registered Users Posts: 10,301 ✭✭✭✭gerrybbadd


    okidoki987 wrote: »
    Mate is now a professional gambler/poker player.
    His income isn't taxable and he claims nothing from social as he's not available for work.
    His OH works and he's wondering what tax free allowances can he transfer to her as he has nothing to declare that is taxable?
    Assume the married persons allowance of €1,650 can be transferred from him to her so her TFA goes to €3,300 (€1,650 x 2) but can the "employee tax free credit of €1,650" as he doesn't have any "employment" as such?

    No, it can't


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    #3
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    okidoki987 wrote: »
    Mate is now a professional gambler/poker player.
    His income isn't taxable and he claims nothing from social as he's not available for work.
    His OH works and he's wondering what tax free allowances can he transfer to her as he has nothing to declare that is taxable?
    Assume the married persons allowance of €1,650 can be transferred from him to her so her TFA goes to €3,300 (€1,650 x 2) but can the "employee tax free credit of €1,650" as he doesn't have any "employment" as such?

    No he can't, and yes the income is taxable. If he's structured what he is doing well, then it's only taxable on repatriation (i.e each time he brings in funds to this country, or the EU banking system)

    Unfortunately you won't find a lot of good advice by googling it on this one, but absolutely taxable.


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    #4
    okidoki987
    Registered Users Posts: 10,618 ✭✭✭✭okidoki987


    myshirt wrote: »
    No he can't, and yes the income is taxable. If he's structured what he is doing well, then it's only taxable on repatriation (i.e each time he brings in funds to this country, or the EU banking system)

    Unfortunately you won't find a lot of good advice by googling it on this one, but absolutely taxable.

    He said his income isn't taxable, he doesn't claim any allowances and can't offset any losses he makes?


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    #5
    marizpan
    Registered Users Posts: 443 ✭✭marizpan


    okidoki987 wrote: »
    He said his income isn't taxable, he doesn't claim any allowances and can't offset any losses he makes?

    I won’t be so confident in that to be honest.
    There is a difference in being a professional gamblers and therefore carrying out a trade versus putting down the occasional bet.
    He is carrying out a trade with the intention to make a profit.


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    #6
    okidoki987
    Registered Users Posts: 10,618 ✭✭✭✭okidoki987


    marizpan wrote: »
    I won’t be so confident in that to be honest.
    There is a difference in being a professional gamblers and therefore carrying out a trade versus putting down the occasional bet.
    He is carrying out a trade with the intention to make a profit.

    He said if he was carrying out a trade, he would be allowed to offset losses
    against any profits as any trader can do but he isn't allowed to do that.
    I'd guess he could produce 2000 losing slips very easily and never pay any tax anyway?


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    #7
    screamer
    Registered Users Posts: 6,133 ✭✭✭screamer


    No idea about the gambling thing, but he cam also transfer a portion of his standard rate cut off point so that she can earn more at 20%


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