can you put your money in the bank?

[samellaway]

i play for a living and earn a good wage every week, i was wondering can i just put my money straight in the bank without any questions asked and is playing non-taxable? how can you prove where your money comes from? would like to hear from other players and if any of them have managed to get a mortgage in there own names?

[Mattb]

Of course you can. I do it all the time. As you are potentially risking losing money every time you gamble, there's no tax involved. Keep winning, keep banking it up! Getting a mortgage would be nigh on impossible though.

[samellaway]

surely if you can put your money in the bank then you can get a mortgage as after a period of time they will see a significant amount of money going into your bank each week. do you keep ledgers of where you go and how much you make each day as a proof of income?

[Mattb]

What if the money stops coming in? Mortgage lenders give you money based on a salary so they know you'll keep paying. While you may know you can win enough, they won't see it the same way. Sorry!

[samellaway]

good point, the other question was how can you prove it, do you keep ledgers or accounts of where and how much you make because for all the police or inland revenue no is that you are a drug dealer or money launder? i know in way what your saying bevause we do have professional poker players but they have evidence of there winnings from ledgers kept by the casinos and online poker rooms.

[JG]

Keep a record. I do. It's for my own personal use, but at least it should tally with my account should questions ever get asked, which they needn't do.

If you're not dealing drugs you should have nothing to worry about if the police suspect you of dealing drugs!

[blingking]

Getting a mortgage is easy, if your putting up 10% deposit then they wont worry about what you do. Just tell them your self employed and earn over £80k a year. Worked for me

[quizard]

These days all financial institutions are required by law to effectively spy on their customers on behalf of the authorities to detect money laundering, proceeds of crime etc.

Anyone who keeps paying in signifcant sums and doesn't appear to have a proper job or pay any tax is going to seem a bit suss.

[blackmogu]

i play for a living and earn a good wage every week

because sam is younger than me, he gets out of bed earlier and burns all my hits :P

[Dunhamzzz]

Just do it, aslong as you dont try to put £10k in at once, they shouldn't mind.

[theoak]

you're not doing anything wrong!! talk about guilty conscience?! pay in a million every day, its still up to them to prove youre doing something wrong, which you arent.

[samellaway]

Posted: Mon Nov 05, 2007 1:21 am Post subject:

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These days all financial institutions are required by law to effectively spy on their customers on behalf of the authorities to detect money laundering, proceeds of crime etc.

Anyone who keeps paying in signifcant sums and doesn't appear to have a proper job or pay any tax is going to seem a bit suss.

this is true and understand im not doing anything wrong nor suspisious with the police but still its seems like these days they want to take you for anything they can so just was worried that they might let me put money in for a bit just watching then hit me with it after having a substancial amount in my bank and not mentioning if i have a mortgage set up. well cheers for the posts and keep them coming if any one has any other useful information regarding whether they believe playing is non taxable and where they stand on proving money or if anyone has ever been queried about this, because i do know for players who have been in the game for years its has not been such a big thing because money laundering and proceeds to crime has not been focused on as strongly as it is these days, im sure you will all agree.

Blackmogu ''3 oclock in the afternoon is not early to do hits after you have been on a bender with marky boy'' [/quote]

[gambogaz1]

Winnings are tax free so you've got nothing to worry about on that score.

[rocket]

You seem really worried for no reason. Winning aren't taxable so don't worry about it. If anyone does come onto you then you tell them where you got it - unless they can prove that you're dealing drugs/money laundering etc then what can they do to you? They can't arrest you simply for putting money in the bank.

[samellaway]

right i will start banking then cheers i was only worried because met a lad before who told me that the tax man has been on his back and he has to pay a nominal amount of tax because this is his main source of income so sounded like although i believe gambling is non taxable because the tax is paid already on the machines when the liscence by the pub is purchased that they could still tax you somewhere along the line as you class yourself as self employed.