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Selling Competition Prize - Income Tax?
chaotic_j
Posts: 459 Forumite
in Cutting tax
Would anyone be able to clear this up for me please?
I won some cinema tickets the other week after having entered a competition - you might remember it being on TV over Christmas, it was the "Win with VISA" competition.
Anyway, the cinema tickets are for Odeon, and we don't have one around here, the nearest one is miles away.
I'm considering selling the tickets - if I did should I declare the income in my Self-Assessment Tax Return at the end of the tax year?
Are there any general guidelines available for income tax on competition prizes?
I won some cinema tickets the other week after having entered a competition - you might remember it being on TV over Christmas, it was the "Win with VISA" competition.
Anyway, the cinema tickets are for Odeon, and we don't have one around here, the nearest one is miles away.
I'm considering selling the tickets - if I did should I declare the income in my Self-Assessment Tax Return at the end of the tax year?
Are there any general guidelines available for income tax on competition prizes?
0
Comments
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If the prize was not part of a work incentive scheme, but open to everyone, it is not taxable. If you sell the tickets on, you are merely disposing of your own property which is also not taxable.£705,000 raised by client groups in the past 18 mths :beer:0
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