bradfincham
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Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
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Right If I say won the 100 million euro millions lottery
would i pay 45% tax on that, leaving me with say 55 million.
Just having a chat about it as i thought that you didnt get taxed on winnings like that
anyone know??
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John
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Registered: 30th Jun 03
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You don't.
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Jamie Walby
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Registered: 15th Nov 04
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wouldnt be surprised if you did
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John
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Registered: 30th Jun 03
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Part of the money you pay to buy the ticket will be tax.
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Edd
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Registered: 8th Nov 04
Location: Glasgow
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i thought lottery winnings are non taxable
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bradfincham
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Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
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So you dont get taxed on lottery wins ?
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Gaz
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Registered: 24th Aug 03
Location: Widnes, Cheshire
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isnt it like betting in a bookie's? non-taxable
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John
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Registered: 30th Jun 03
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I refer you to the 1st reply in this thread.
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bradfincham
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Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
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what so if i betted on a horse in the grand national and won £500k then i wouldnt pay any tax on that lot??
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John
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Registered: 30th Jun 03
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They'll make more money from taxing you on buying the ticket in the 1st place.
Then they get tax from everybody and not only the winners.
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Edd
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Registered: 8th Nov 04
Location: Glasgow
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no because you pay tax on the bet
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bradfincham
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Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
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Ah right sweet, I just wondered thats all
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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As previsouly mentioned, winnings are non taxable. They used to be but are not anymore.
So if you won the lottery you dont get taxed on that amount. You would get taxed on the interest however.
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Nismo
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Registered: 12th Sep 02
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Lottery is un-taxable.
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Greg_M
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Registered: 2nd Sep 03
Location: Grantham, Lincolnshire
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it may be subject to capital gains tax tho, but that isnt much iirc.
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Melville
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Registered: 4th Jun 03
Location: Newcastle upon Tyne
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^^ wrong! Where did you hear that?
It isnt subject to capital gains and if it was it would be a hell of a lot, 40% on most of it..
I will repeat, any winnings from the lottery, casino, bookies and any other ways there are of winning money is not taxable.
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Jodi_the_g
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Registered: 7th Aug 01
Location: Washington D.C
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As above the winning would be un taxable, though intrest would be.
Also if you start giving it away it is taxable.
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Greg_M
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Registered: 2nd Sep 03
Location: Grantham, Lincolnshire
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quote:
Originally posted by Melville
^^ wrong! Where did you hear that
i cant really remember it was covered when i did law about 5 years ago 
on thing i can find is from a book ive got and it says that winnings from lotteries and raffles are gambling winnings included in gross income under Section 61.1 I
But this could have easy changed in the 15 years since thebook was printed
[Edited on 23-01-2006 by Greg_M]
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richardworrall
Premium Member
Registered: 20th Sep 05
Location: Derby
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if you split it between a syndicate without having an offical document witnessed and signed etc then it is subject to tax of sorts but not sure which one, but if its kept by yourself then its all yours mate!!!
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corsa-sxi
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Registered: 11th Jul 03
Location: Kingston upon Hull
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win it 1st, then worry bout tax, £55m is still enough to last your lifetime i think 
wonder how you claim the money, do you walk out the building with a £100m cheque in your pocket risking it being robbed off you if some1 found out, or is it transfered into a bank account :S
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Martin
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Registered: 15th Mar 04
Location: Dumpstable Drives: Aztec Sxi
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no tax in english lottery.
Only American gameshows etc have to pay tax on winnings.
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
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quote:
Originally posted by corsa-sxi
win it 1st, then worry bout tax, £55m is still enough to last your lifetime i think
wonder how you claim the money, do you walk out the building with a £100m cheque in your pocket risking it being robbed off you if some1 found out, or is it transfered into a bank account :S
it will be bank transfer!! but even if the cheque gets robbed it will be renered useless as it will be MY name on it not the theifs
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Paul H
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Registered: 11th Aug 03
Location: Lincoln.
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what would you buy 1st.i personally don't know what i would do
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Martin
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Registered: 15th Mar 04
Location: Dumpstable Drives: Aztec Sxi
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veyron..........?
jennifer ellison........
house......
then get wasted.......
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IvIarkgraham
Premium Member
Registered: 27th Mar 04
Location: Ellesmere Port, Cheshire
User status: Offline
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erm? i wouldnt know
but with £100m in a normal bank account you will get just under £77k a week
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