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Best bank to use for poker with big deposits and withdrawels UK Best bank to use for poker with big deposits and withdrawels UK

08-06-2015 , 05:19 PM
And is the fact that we have no gambling taxation an illusion, say you withdrew 100k or more onto your bank account and kept it there, how will you be taxed?
08-06-2015 , 06:00 PM
Quote:
Originally Posted by BigBoar
is the fact that we have no gambling taxation an illusion
Lol it is not an illusion. If you are just talking about your gambling winnings, it is a fact.

Quote:
say you withdrew 100k or more onto your bank account and kept it there, how will you be taxed?
This financial year if you have not completed an R85 then you will be auto taxed on your interest. From April next year there will be an allowance on savings interest even for tax payers of £1000 and I think everyone's interest will be paid tax free.

As long as you don't earn taxable money over the personal allowance tell all your banks to pay your interest gross, that's it. If they ask you to fill out an R85 it is simple it just says "I declare I am a non tax payer" and you sign it. Some banks allow you just to tell them over the phone to pay interest gross now.

      
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