Thursday, 24 September 2015

Tax issues of the rich and famous

In gambling, and definitely Irish gambling, J.P.McManus is a giant, who whilst I wouldn't say I have followed,  remember documentaries about him, going back over 35 yrs.

JP began as a professional horse-race gambler, before being so successful, was able to diversify into forex trading/studs/other businesses - like buying and selling Man Utd -- a smart cookie, said to be worth over £500m.

He is known to be v generous, do a great deal for charity, and thou I have never met him, am sure hes got a lot of gamble.

In recent days, news of a £5.2m tax problem has emerged, where its believe he won $22m playing either backgammon or poker in 2012, and the losing party sent the IRS the $5.2, as withholding tax, not knowing Ireland has a tax agreement with the US. JP is non-resident in the US.

Professional gamblers in the UK and Ireland are largely exempt from tax (nice) - JP has to play a flat E200k a yr, under the domicile levy .. so, is doing nothing wrong, but, the IRS is dragging its feel in paying back the money.

So, its not the money .. but, it does make u wonder, how protected the IRS is, and how slow they can be. Also ..just how big, are some private poker games ?

Must be nice .. I hope he gets back-dated interest etc.

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