Poker Winnings - cancelled benefits

Witchfinder_General

Raver69 wrote: »

No, the offical reason why income from gambling cannot legally be deemed against you as income (and is not taxable),
is because it is impossible to ever calculate how much you ''income'' from it is.

As if you counted it on the 10th of every month you could be minus a few thousand, wheras on the 11th of every month you could be in a few thousand profit.

Hello Angel, sexybum, etc. Still spouting yr angry views I see

tcr_3

I don't think it's right to take gambling winnings into account as income either. I don't see how they can attribute the "earnings" without a crystal ball. I'd challenge them on that one.

wintermare

winnings from gambling are non taxable therefore NOT classed as income. If in doubt ask your local bookmaker or casino. Benifits agency will not know or give you the wrong advice. Casinos are required by law to log all large deposits and withdrawls for money laundering purposes as winnings are not counted in your tax return.

wintermare

If this was from an online casino then you would be advised to print out a statement from the casino cashier showing the transfers into your bank account from the casino. This proves that the amounts are winnings/prizes (not earnings) and it does not affect your benefits. E.g. if you splash out £1 on a scratch card and win a prize £500 do they want you to declare it as income NO.
It is very different if you win £6000< as it is as if you have savings in you bank.

rockerchick

So if you get benefits your not allowed to gamble incase you win and it's classed as income? Don't get me wrong, i don't gamble but i get the odd £1 lottery ticket (about 1 every few months)

fluffymovie

Sorry but just because something isn't taxable, doesn't necessarily mean that for benefits purposes it is not treated as income.

For example, the £40 into work credit is an income but is not taxable - it is disregarded as income in HB / CTB but is treated as an income for the purposes of identifying other income.

JimmyTheWig

Peanuckle wrote: »

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22015.htm

Good link. It links to http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm which explicitly states that card playing isn't a trade and so proceeds are not taxable.

To me this is crazy. Are they saying that the likes of Phil Ivey, Gus Hansen and Scotty Nguyen aren't carrying on a trade? How are they any different to top snooker players, etc?
But it's the rules.

fluffymovie wrote: »

Sorry but just because something isn't taxable, doesn't necessarily mean that for benefits purposes it is not treated as income.

This, however, is probably the most relevant post in this thread. The rest of us have been answering the wrong question!

Peanuckle

JimmyTheWig wrote: »

Good link. It links to http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm which explicitly states that card playing isn't a trade and so proceeds are not taxable.

To me this is crazy. Are they saying that the likes of Phil Ivey, Gus Hansen and Scotty Nguyen aren't carrying on a trade? How are they any different to top snooker players, etc?
But it's the rules.

They are taxed on income from promotion and all appearance income, it's just the actual winnings on the table that is exempt. Just think how much chaos would be caused by making losses tax deductible :rotfl:

JimmyTheWig

Peanuckle wrote: »

They are taxed on income from promotion and all appearance income, it's just the actual winnings on the table that is exempt.

To me that's like saying that Ronnie O'Sulivan's tournament winnings aren't taxed.

Although I wonder... Maybe tournament wins are different to cash games?

Soubrette

JimmyTheWig wrote: »

Are they saying that the likes of Phil Ivey, Gus Hansen and Scotty Nguyen aren't carrying on a trade?

In the US winnings from gambling are taxable. I don't know how they deal with using gambling losses to mitigate your tax bill though.

To rockerchick - if you won more than the savings limits for benefits then yes, your benefits would stop.

Your interest payments from the winnings also count as income.