Sunday, November 16, 2008

WSOP Taxes

Sometimes I hate living in the UK. Don't get me wrong, there are plenty of things I love about this amazing and unique country, but from time to time I get annoyed with the weather, the way the country is run or a number of other random annoyances.

It's easy to just see the negatives, but it's important that you don't take the positives for granted. One of these is that I don't have to pay tax on my poker winnings. This suits me for two reasons, the first is that obviously I make more money, but the second is that I'm lazy when it comes to things like record keeping and form filling. So with the news about the taxes due by the players at the Final Table of the WSOP, I'm very grateful for the tax laws on gambling in my home nation.

It's been widely reported so I won't go into too much detail, but overall the players who made at FT this year potentially face an average tax bill of over 42%. There are some changes as the winner Peter Easgate moved to the UK during the break (one definate advantage of the FT delay for him, that's for sure) but the overall result is that all of the players are paying at least some taxes on their winnings.

Had Eastage not moved he would have been in line to pay 72.77% of his winnings, some $6.6 million, straight to Denmark's tax agency. That's a pretty sick rake.

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