Gambling professionally and student finance

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kerb123
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Report Thread starter 7 years ago
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When I leave uni I am considering carrying on betting, but doing it professionally. It's how I've funded the majority of my time at uni. I know I don't have to pay tax on my winnings so am I right in thinking I won't have to pay back my student loan?
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OllieDS
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(Original post by kerb123)
When I leave uni I am considering carrying on betting, but doing it professionally. It's how I've funded the majority of my time at uni. I know I don't have to pay tax on my winnings so am I right in thinking I won't have to pay back my student loan?
Yes you wouldn't have to pay it back because gambling isn't a fixed income.

You should continue with a career regardless of betting, it's extremely unlikely gambling will fund the rest of your life without a job. Plus gambling almost always goes wrong eventually.
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Klix88
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(Original post by OllieDS)
Yes you wouldn't have to pay it back because gambling isn't a fixed income.
I'm afraid that's not right. I'm self-employed so that I can do odd bits of contract work to boost my funds during my PhD. My very variable earnings have to be declared and if I earn over the SF repaymen threshold (never likely in my case!) then I will have to make SF repayments. You don't need a fixed income to be eligible to repay - you just have to be earning over the threshold in any form.

A friend of mine is a professional poker player. His understanding is that recreational winnings are tax free. However if you're gambling professionally i.e. You rely on the money to pay bills, then it's treated as professional income, has to be declared and is taxable. This being the case, it follows that gambling income used to pay for the basics in life will be subject to the SF repayment threshold and terms.

Essentially, whilst at uni, gambling winnings are recreational. As a sole source of income after uni, they're professional earnings, both taxable and reported to SF when declared.
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scotttb
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(Original post by Klix88)
I'm afraid that's not right. I'm self-employed so that I can do odd bits of contract work to boost my funds during my PhD. My very variable earnings have to be declared and if I earn over the SF repaymen threshold (never likely in my case!) then I will have to make SF repayments. You don't need a fixed income to be eligible to repay - you just have to be earning over the threshold in any form.

A friend of mine is a professional poker player. His understanding is that recreational winnings are tax free. However if you're gambling professionally i.e. You rely on the money to pay bills, then it's treated as professional income, has to be declared and is taxable. This being the case, it follows that gambling income used to pay for the basics in life will be subject to the SF repayment threshold and terms.

Essentially, whilst at uni, gambling winnings are recreational. As a sole source of income after uni, they're professional earnings, both taxable and reported to SF when declared.
This is incorrect. All gambling winnings are still untaxable in the UK. In terms of student finance I would call them when they send out the letter regarding repayment (a year after graduation I think.) As far as I am aware however they will tell you to tick the box for how you are supporting yourself as "unearned income," send them a bank statement, and that will be that. Until the next letter.
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