Professional gambling employment status

robfosters

robfosters

robfosters

Caporegime
Joined
1 Dec 2010
Posts
53,766
Location
Welling, London
Is it at all possible for a professional gambler, or rather, trader, to secure a mortgage?

Would it be possible to register a company with you as director and filter your winnings through the company to show a consistent turnover?

I know some people may see it as a silly question but with the rise of betting exchanges, there's plenty of people who could easy afford a mortgage through trading. Where do these people stand?

I am fully aware that if you put your winnings through a company, the government would tax the backside off it.
 
robfosters said:
Is it at all possible for a professional gambler, or rather, trader, to secure a mortgage?

Would it be possible to register a company with you as director and filter your winnings through the company to show a consistent turnover?

I know some people may see it as a silly question but with the rise of betting exchanges, there's plenty of people who could easy afford a mortgage through trading. Where do these people stand?

I am fully aware that if you put your winnings through a company, the government would tax the backside off it.
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Exactly how are you gaining money? Are you gambling and therefore receiving winnings, or are you trading and receiving investment returns?

I believe gambling winnings are not taxable and therefore do not count as earnings, and I would think it exceedingly unlikely that you would ever get a mortgage because of this revenue source.

Rgds
 
Wouldn't filtering it through a company lose you the massive benefit of not having to pay tax on winnings?
 
anyon said:
Wouldn't filtering it through a company lose you the massive benefit of not having to pay tax on winnings?
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Yes it would.

I suppose a lot depends on the broker as well.

You can get some right dodgepots who are genius at inventing ways of making the bank think you are as safe as fort knox :D
 
robfosters said:
Yes it would.

I suppose a lot depends on the broker as well.

You can get some right dodgepots who are genius at inventing ways of making the bank think you are as safe as fort knox :D
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and if they ever find you aren't i wonder just how fast they can get the computer to say "repossession"
 
True. I was only jesting really.

Mind you, it was a problem down here in the south east for a while. House prices were going far beyond the 3-4 year wages mortgage that banks give. People were self certificating ridiculous amounts, and the banks carefree attitude to lending meant that not applications were scrutinised as they should have been.

Suited everyone. Brokers got their fat cuts, banks got either 25 years mortgage payments or a house. The real losers were the poor desperate people who wanted their own homes and soon found themselves way beyond their means.
 
Surely you have to declare this income therefore you are self-employed?

It's not tax free if it's your only source of income.
 
robfosters said:
Is it at all possible for a professional gambler, or rather, trader, to secure a mortgage?

Would it be possible to register a company with you as director and filter your winnings through the company to show a consistent turnover?

I know some people may see it as a silly question but with the rise of betting exchanges, there's plenty of people who could easy afford a mortgage through trading. Where do these people stand?

I am fully aware that if you put your winnings through a company, the government would tax the backside off it.
Click to expand...

You mean spread betting? Yeah its "gambling" in the UK. You can trade forex through a normal trading account rather than those who labeled as spread betting. If you do you will be taxed as it would be considered income and in that case you'd be to get a mortgage as you have records of income. I doubt they will give you mortgage if your source of income is gambing, they don't want to gamble.

to sum it up: spread betting account = no mortgage as no records of income
normal trading account = self employed = mortgage as you will have proof of income.
 
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