Reply to: My Co investing in Poker....

[Old Greg]

Have you asked your turf accountant?

[diseasex]

I'll answer this : as long as you make profits keep proper books, and pay taxes on that profits (from poker, grey area, WHATEVER) then HMRC will be more than happy with this scheme. They don't limit you on how your company makes money. If it's significant, then probably changing SIC code will be a good idea.

[ASB]

If you want to gamble with your contracting income, you could always join a tax avoidance scheme.

Thing is a gamble at lrast has the chance of a profitable outcome.

[DonkeyRhubarb]

If you want to gamble with your contracting income, you could always join a tax avoidance scheme.

[ASB]

If the gambling is a trade then it would be taxable. At an individual level case law is on the gamblers side.

I think financing somebody to gamble could very easily turn out to he a trade.

[Boney M]

How did he do?

Edit : Actually all his winnings are here and he's won $631k over a 10 year period.

Jeraint Hazan: Hendon Mob Poker Database

That's just his live winnings NLUK and does not include his online winnings.

[northernladuk]

JJ is a very good friend of mine (as wella s Vicky) weird that this has come up on here

How did he do?

Edit : Actually all his winnings are here and he's won $631k over a 10 year period.

http://pokerdb.thehendonmob.com/player.php?a=r&n=75939

[Boney M]

Do you not remember the guy that went on Dragons Den to get an 'investment' from the Dragons in the form of tournament entry fees?

https://www.theguardian.com/sport/20...gons-den-poker

JJ is a very good friend of mine (as wella s Vicky) weird that this has come up on here

[ContrataxLtd]

Do you not remember the guy that went on Dragons Den to get an 'investment' from the Dragons in the form of tournament entry fees?

https://www.theguardian.com/sport/20...gons-den-poker

[SimonMac]

Could YourCo sponsor someone to play poker?

[darrylmg]

Just for fun, I'll take this as a serious question

There are professional poker players out there, who make a living doing it. So would such a person be able to work through a Ltd company in a similar way to how IT contractors do - play using company money, winnings are company profits, etc?

Could a company employ a "professional gambler" and pay them a salary? You can invest by buying a share of a race-horse.

What if a handful of poker players, seeking to amortise risk and have a larger collective bank-roll, formed a company together and did as described?

Sounds like an investment bank.

[northernladuk]

Well it was a bit of a hybrid parody post and something I have wondered about for awhile out of interest.

I get that just withdrawing money to gamble with isn't going to fly as you could also call poker a hobby/pastime/enjoyable etc but what about staking other players i.e. lending them it through whatever methods with contracts surely has some merit? I am investing my money in a specialist in his field to return it back to me with interest. How he does this doesn't really matter does it, be it peer to peer lending, bonds, wine yadda yadda. Surely that would somehow be allowable although frowned on by HMRC?

[d000hg]

Just for fun, I'll take this as a serious question

There are professional poker players out there, who make a living doing it. So would such a person be able to work through a Ltd company in a similar way to how IT contractors do - play using company money, winnings are company profits, etc?

Could a company employ a "professional gambler" and pay them a salary? You can invest by buying a share of a race-horse.

What if a handful of poker players, seeking to amortise risk and have a larger collective bank-roll, formed a company together and did as described?

[MarillionFan]

If playing the stockmarket and investing in art is a gamble can My Co provide my bankroll for my poker? Gambling returns are tax free. Would this be the same when I put it back in to the Co?

If it can't supply my bank roll can I use it to stake other players? Pay their entry or stack and I get a percentage of winnings back? It's the same as a loan isn't it?

Thank you

Flush and straights only.

[BlasterBates]

If your company partly owns another company HMRC would not see that as gambling, it's perfectly normal.

Nothing wrong in buying shares with company funds.