I'm not sure on the actual specifics, but I was playing in a deepstacks tourney at the Rio during the WSOP last year, and it was down to the last 5, and decided to chop where first place was $11k+ I believe. When trying to decide who is going to claim what for tax purposes (they wouldn't do an even chop, the players had to figure it out on our end) there was a guy from the UK who said he would take it, because of a tax treaty, and blah blah (I didn't care to much because it was 4am). Anyways, he didn't have to pay taxes on the spot, and was going to do it when he got home based on something or another.
I just saw this on the WSOP website from the FAQs from last year:
U.S. Residents: Must provide a Social Security Number.
U.S. residents not providing a Social Security Number, will be subject to 28% tax withholding.
Foreign Residents of U.S. Tax Treaty Countries: Must provide an Individual Tax Identification Number.
Foreign Residents of Treaty Countries, not providing an Individual Tax Identification Number, will be
subject to 30% tax withholding.
Foreign Residents of U.S. Tax Non-Treaty Countries: Will be subject to 30% tax withholding.
Originally Posted by ramdeebam
Totally unrelated, but does anyone know how do British players stand in regards to tax on any cashes in the WSOP? I've tried reading up on it but there doesn't seem a clear cut answer. Some say there is a tax treaty between the US and UK and any cashes wont be taxed but I'm also seeing some casinos will automatically withhold money for the IRS and you have to wait basically for however long to get money back whilst others say you actually will be taxed even as a visitor.