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#13
05-29-2007, 07:25 AM
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Re: Loislane on betfair? Norwegian? Same as Bad_ip?
[ QUOTE ]
"Don't know... here in the UK you pay zero tax on gambling winnings wherever the site is registered" Are you sure? [/ QUOTE ] yes. For much of Scandinavia they don't pay tax on winnings as long as the site is EU operated. 
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#15
05-29-2007, 08:24 AM
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Re: Loislane on betfair? Norwegian? Same as Bad_ip?
[ QUOTE ]
I know the bit about Scandinavia but I asked about if "in the UK you pay zero tax on winnings wherever the site is registered" Still curious. Mike [/ QUOTE ] Yes, absolutely sure. I live in London and know for a fact you pay zero tax on gambling winnings. So if you are a professional gambler, all your income is tax free. I don't know what happens for National Insurance - you might want to pay that voluntarily so you can still claim healthcare and state pension, but certainly you do not have to pay any income tax at all. So I don't see why people like Patrick Antonius don't get themselves a flat in London, spend enough months of the year here and use this country as their base, and fly out to Vegas as needs ne.
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#16
05-29-2007, 08:29 AM
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Re: Loislane on betfair? Norwegian? Same as Bad_ip?
[ QUOTE ]
[ QUOTE ] I know the bit about Scandinavia but I asked about if "in the UK you pay zero tax on winnings wherever the site is registered" Still curious. Mike [/ QUOTE ] Yes, absolutely sure. I live in London and know for a fact you pay zero tax on gambling winnings. So if you are a professional gambler, all your income is tax free. I don't know what happens for National Insurance - you might want to pay that voluntarily so you can still claim healthcare and state pension, but certainly you do not have to pay any income tax at all. So I don't see why people like Patrick Antonius don't get themselves a flat in London, spend enough months of the year here and use this country as their base, and fly out to Vegas as needs ne. [/ QUOTE ] Same situation in Australia and much of Australias common and tax law is similar to the UK
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#18
05-29-2007, 09:54 AM
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Re: Loislane on betfair? Norwegian? Same as Bad_ip?
[ QUOTE ]
Are we certain about no tax in Australia? I've been wondering about that... [/ QUOTE ] I know pros that dont even file tax returns
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#19
05-29-2007, 11:05 AM
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Re: Loislane on betfair? Norwegian? Same as Bad_ip?
[ QUOTE ]
Don't know... here in the UK you pay zero tax on gambling winnings wherever the site is registered, but I don't know the situation in Norway. [/ QUOTE ] Taxes for poker in Norway is...undecided. Basically for the big cash games, you end up with ~50% taxes.
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#20
05-29-2007, 11:13 AM
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Re: Loislane on betfair? Norwegian? Same as Bad_ip?
[ QUOTE ]
I don't know the [tax] situation in Norway. [/ QUOTE ] It's peculiar: poker is handled in the same manner as a lottery. And if you win a lottery prize of more than 10'000 Norwegian Kroner (approx 1600 USD), you are supposed to report it to the Norwegian version of the IRS. Lottery prizes are taxed at 28%, as long as they are not won through the national lottery monopoly (which already skims off approx 50% rake/tax). So if you net a profit of > $1600 in a single MTT / STT, you are supposed to pay 28% of that to the Norwegian state -- no matter where you played. And worse: cash game pots are seen as individual lotteries, each and every one of them. To get this slightly back on topic, out of curiosity I had a peek at Lodden's taxes for the previous year (everybody's taxes are public information in Norway): IIRC, he did actually pay quite a lot in taxes, several $100'000 (in the vicinity of $300'000, I seem to remember, but that is just off the top of my head). I also had a peek at some other (nationally) known poker pros, and everybody else I checked up had payed exactly 0, zilch, nada.
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