Lottery UK

norwood

Can anyone tell me please? I have looked around on the net and the Lottery site but all the info relates to the winners themselves being tax free.

I often wonder about those people that win the UK lottery and then give large sums to family members. Do the family members then have a tax liability on the £1000000 that mum and dad or uncle gave them?

An obvious ploy is to have a syndicate agreement, but as you would not know how much you would win it’s hard to decide how much would be given away and to who.

Winning say 20 million might make you fell a bit more generous than a few hundred thousand!

I assume a spouse would share without tax liability, but what about your kids?
Logic would suggest the winner could have the money paid to several people at the time of pay out, but in the world of tax, logic is the last thing you expect to see!

Mind you should the problem arise tonight, I guess I will bite the bullet and just accept all that worry becoming a millionaire would bring!!!:j

Best wishes,
norwood

CLAPTON

gifts are tax free (except for potential inheritance tax if you die within 7 years of the gift)

zygurat789

CLAPTON wrote: »

gifts are tax free (except for potential inheritance tax if you die within 7 years of the gift)

It's like living in a tax haven

norwood

Thank you both for the quick replies.

Well that's better than I thought, I was sure lots of peoples rellies were going to get a nasty suprise one day!

Fingers crossed for tonight then, one less worry if my numbers come up, I will only need to lie awake agonising over whether it's a to be a Lamborghini or a Maserati:rotfl:

Best wishes,
norwood