Online win

FrankR

Hi. I won 50,000 online poker.
I want to use this money to buy a new house.
Do I need to pay any tax or tell anyone official?

18cc

Gambling winnings are tax free

[Deleted User]

Uh huh - sure.

What happened to your other online business?

https://forums.moneysavingexpert.com/discussion/comment/73012510#Comment_73012510

jonnygee2

You don't have to tell anyone now.

But, keep evidence of where you got the money. When you try and do anything with it, like transfer it out of your bank account, buy a house etc you will need to prove where it came from.

You'll need a full profit and loss statement from the casino and any further evidence of how you won £50k.

If it's in a UK bank account it's not unlikely they will freeze it soon and ask you more questions.

colsten

None of us have enough information about your personal circumstances to give you a definitive answer. You could ask a tax consultant who might charge you for comprehensive advice. Your best course of action by far is to ask HMRC as they are the only ones who can determine decisively whether you will have to pay tax or not. Their advice will be free (barring any tax demands they might issue after assessing your various incomes).

robatwork

You've told us.

That's enough for now.

Terry_Towelling

There are some age-related rules you need to consider before declaring the windfall. Are you 26 or under?

born_again

50,000 what?
Pennies, pounds, dollars, bahts? 

Ballard

Unlike this OP I did win €4,000 for a €5 poker bet last year but I didn’t make a big thing of it. Oh, hang on, I just did!