would it have been possible during the 4 month overlay to denounce Denmark citizenship and move to Australia?

Your definition of recreational gambling and Revenue Canada's definition of recreational gambling are likely to differ wildly. Gambling winnings ARE taxable in Canada if you have a reasonable expectation of profit, according to the tax code.

That said, the chances of Revenue Canada coming after you if you're not making the majority of your money playing poker are slim. That doesn't make it legal, however.

I am suspicious too if you can just move within the EU to a different country to avoid your home country's tax rate.

Can anyone verify if that is accurate?

72%?! That is robbery.

Well the country of Denmark played very solid in the tourney. Well deserved victory imo.

Is this confirmed, or simply a rumor?

Canada has some weird laws that are probably smart (in terms of incentives) but difficult to enforce. Basically if you are "gambling" then it is tax free but if you are smart and have a house edge, it is taxed. I remember reading a case from Supreme Court of Canada a few years ago about a lottery team. Somehow they had a sophisticated way to play the lottery and they won a big one -- which surely required a great bit of luck on that particular win, but their overall scheme had an "edge." The question was whether they had to pay taxes on the winning lottery. I can't remember the outcome, but I think they won (no taxes) because the Court didn't believe they had an edge, or something like that. It really all came down to how smart they were. The dumber they were, the less taxes. It is weird but kinda makes sense from an incentives point of view.

why the heck didnt he move to another country before he played the final table.

england, germany, gibraltar, malta all tax free for casino winnings...

financially speaking...yes

+1

He did move to England and will probably not pay taxes in Denmark.
But in the news there is an article about SKAT which is equivalent to the IRS that they are looking into the matter and other big pokernames in Denmark.

So the issue in unresolved for now.

good to be russian. good to be denmark. sucks to be eastgate

Looking at the most recent post on the taxable talk site, I'm not sure where Russ gets his information that professional gamblers pay tax in the UK. I don't, and I have totally cleared this with the tax man.

If, though, as he says, the Eastgate situation leads to a change over here, he (Eastgate) had better not live in London for long IMO, as the lynch mob will be at his door and I'll be at the front with the biggest pitchfork !

So for Canadian non-professional players who win big for the first time in the US, there are no taxes on their winnings except for the 30% withholding? If the win is too big that they do not have enough gambling losses to get a full refund from the IRS, are they allowed to claim the US tax withholding on their Canadian tax return for future years so that they pay no tax?

sick

"skal der ikke en skatteprofessor til at regne ud, at han formentlig ville ryge op i topskatten, hvis han skulle betale skat i Danmark"

My danish is a little rusty, what does formentlig mean? If it means what I think it means (probably) that whole sentence is pretty hilarious.