Income protection as a poker player

matmat17

Hi, I earn an income as a professional poker player and have done for the past 5 years. Poker is treated as gambling for UK tax purposes and as such is exempt from Income Tax, I have not paid any Income Tax or completed a tax return in the past 5 years.

I'm looking for an insurance product that will protect my income should I have a long term illness or a mental incapacity of some sort. The problem I am finding is that because my earnings are not classified as 'income' by the tax authorities (generally a good thing overall!) I am generally regarded as unemployed and therefore products such as Income protection do not cater for me.

Does anyone know of any products that would work for my situation or my best option to get advice.

Many Thanks

HappyMJ

matmat17 wrote: »

Hi, I earn an income as a professional poker player and have done for the past 5 years. Poker is treated as gambling for UK tax purposes and as such is exempt from Income Tax, I have not paid any Income Tax or completed a tax return in the past 5 years.

I'm looking for an insurance product that will protect my income should I have a long term illness or a mental incapacity of some sort. The problem I am finding is that because my earnings are not classified as 'income' by the tax authorities (generally a good thing overall!) I am generally regarded as unemployed and therefore products such as Income protection do not cater for me.

Does anyone know of any products that would work for my situation or my best option to get advice.

Many Thanks

You are regarded as living on independent means. You aren't in employment but aren't looking for work either so you're not unemployed. If you have capital below £16,000 you can claim benefits if you should ever need them. You won't be eligible for income protection insurance as you have no taxable income to protect. You can self insure by saving up as much as you think you might need should you become so ill you cannot continue to do what you do. That might mean cutting back your expenses so you can save.

Professional poker players tend to have sponsors which they you a fee to have their logo on your top when you are winning at a poker event it'll be photographed and published in the media. That's taxable income so you could get a sponsor. If you don't have a sponsor you are technically an amateur who is quite skilled at playing poker and as you say the winnings you get aren't taxed as it's considered luck and if they taxed you on your winnings they'd have to allow you to claim your losses which they'd never do.