Legal Poker Reports from all around the world

Poker Player Has Winnings Confiscated by the Taxman!

August 13, 2018 August 13, 2018 Barbara Cohen

Imagine winning a truly massive amount of cash in a poker tournament but then your illegal past catches up with you and that taxman demands all your winnings from you!

Well that is something that has just happened in Preston in the UK for one hapless, or should we say lucky poker player won a huge £70,000 in a poker tournament, however due to his illicit past, in which he was part of a fraud ring that laundered a whopping £40million in cash via a European VAT fraud, when HM Revenue and Customs got wind of that win they set about confiscating it!

It was in 2015 that he one Adam Lulat and his gang members were found guilty of that crime, and he was sentenced to 28 months in prison, however at the time as he had no assets what so ever so he was ordered to pay a nominal £1 for his crimes which should have been £590,000 had he had any assets at the time.

However, HMRC decided to take the case back to court due to his windfall and not only did the judge order his winnings to be paid to the HMRC but also another £2,840 that he has in his bank account too!

US Gamblers Can Have Winnings Withheld

There is a law in place in America that states that if for example a slot players wins a hand pay, they are first required to fill out the necessary tax forms on that win, however if it is found they own money for example on child support those winnings can be withheld.

The same goes with people who win the lottery or even win a sizeable sum on a scratch card too, so be warned if you do win big as your debts may catch up with you!

Shopkeepers Cashing in Winnings

One of the upshots of the above law is that many shopkeepers who sell scratch cards for example will offer to buy winning tickets from their customers if that person is worried about having their winnings confiscated to pay off debts.

Those shop keepers do of course only pay a small percentage of the true value to that winning customer, however it does enable them to get paid out in cash and not have to worry about their winnings being confiscated!

About The Author

Barbara Cohen

Editor

Barbara Cohen enjoys playing poker, however she isn’t fond of having to pay to play, and with that in mind she has set herself the challenge to locate the best Freeroll poker tournaments and any cash ring games that are free to enter put offer real money prizes.

Leave a Reply

Your email address will not be published. Required fields are marked *