Unusual circumstances advice very welcome

Northface

Hi

I currently live with my partner and 2 children (both under the age of 2)

I dont claim any benefits. For the last 8+ years I've been a professional online poker player and for the last 3-4 years I've been training to be a forex trader (spreadbetting so also tax exempt).

Training to be a forex trader is a full time endeavour so as I dont play much poker anymore my income has reduced massively, but the goal is to retire from poker and just be a full time trader. I do still have a relatively small income from poker (say 15k).

We need to move into a bigger house and with two children and I'm finding myself under some pressure.

Given that my poker winnings dont count as income, can I or my partner apply for housing benefit? Should I say I am unemployed (but not claiming or looking for work) or should I say that I am self employed with zero income?

Any other advice given that I am very close to being fully self sufficient with trading but that could be another 12 months before it happens.

Thank you

pmlindyloo

Northface wrote: »

Hi

I currently live with my partner and 2 children (both under the age of 2)

I dont claim any benefits. For the last 8+ years I've been a professional online poker player and for the last 3-4 years I've been training to be a forex trader (spreadbetting so also tax exempt).

Training to be a forex trader is a full time endeavour so as I dont play much poker anymore my income has reduced massively, but the goal is to retire from poker and just be a full time trader. I do still have a relatively small income from poker (say 15k).

We need to move into a bigger house and with two children and I'm finding myself under some pressure.

Given that my poker winnings dont count as income, can I or my partner apply for housing benefit? Should I say I am unemployed (but not claiming or looking for work) or should I say that I am self employed with zero income?

Any other advice given that I am very close to being fully self sufficient with trading but that could be another 12 months before it happens.

Thank you

Without knowing your partner's details it is extremely difficult to be able to say whether you would be eligible for HB as it is a means tested benefits and income and savings are taken into account.

You could put your details into the calculator on https://www.entitledto.co uk to find out.

As regards your gambling profits then, having done some reading, it seems that these are considered as capital rather than income (technically).

It is an extremely difficult area and there have been court cases where council have counted this as income. Do a bit of googling to find out more.

Of course, if you are eligible for HB then expect some investigation as your bank accounts will show amounts going in on what you suggest is a fairly regular basis.

All I can suggest is that if you are eligible to apply and then wait for a decision.

I would not say that you are self employed (are you registered as such?) Just be honest and say that you gamble and leave it at that.

tomtontom

You are confusing tax exempt earnings with income for benefit purposes. As per pmlindyloo, income from gambling etc is usually classed solely as capital, but there are situations where the gambling is so frequent that it is deemed to be your main source of income and counted as such for benefit purposes.

By all means make a claim, but be aware that your activities will be looked into. Alternatively, if things are that tight, you could get a proper job?

pmlindyloo

tomtontom wrote: »

You are confusing tax exempt earnings with income for benefit purposes. As per pmlindyloo, income from gambling etc is usually classed solely as capital, but there are situations where the gambling is so frequent that it is deemed to be your main source of income and counted as such for benefit purposes.

By all means make a claim, but be aware that your activities will be looked into. Alternatively, if things are that tight, you could get a proper job?

To be fair she does have two children under the age of two.

She has obviously found out that she has a flair for this hence the training.

It is a bit of a loop hole really since winnings aren't taxed or perhaps I am just jealous that I have no luck whatsoever