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Are my ITV winnings tax free?

lukgs7
lukgs7 Posts: 2,347 Forumite
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Hi,

I recently won £20,000 cash and designer products package.

Is this cash prize tax free or do i need to pay tax for this?

Thanks.
Winning isn't everything, it's the only thing ;)

Comments

  • mjm3346
    mjm3346 Posts: 47,029 Forumite
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    Tax free (the cash and the goods).
  • lukgs7
    lukgs7 Posts: 2,347 Forumite
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    mjm3346 wrote: »
    Tax free (the cash and the goods).

    Thank you :money:
    Winning isn't everything, it's the only thing ;)
  • JessicAhh
    JessicAhh Posts: 3,903 Forumite
    First Anniversary First Post Combo Breaker
    This makes me so glad I'm not a US-based comper...!
  • Moneymadmark
    Moneymadmark Posts: 50 Forumite
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    The winnings would be classed as a form of gambling profit, so not taxable even if a person classed themself as a "professional comper" otherwise the gambler/comper could claim tax deduction on any losses and various other stuff.

    I'm sure one day the UK tax law will change this. Gordon Brown was apparently considering taxing winnings from gaming exchanges when he was Chancellor about 10 years ago. Never happened though.
    I wish I had thought of a better user name as this makes me sounds greedy :( It was meant more tongue-in-cheek.
  • lukgs7
    lukgs7 Posts: 2,347 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Moneymadmark wrote: »
    The winnings would be classed as a form of gambling profit, so not taxable even if a person classed themself as a "professional comper" otherwise the gambler/comper could claim tax deduction on any losses and various other stuff.

    I'm sure one day the UK tax law will change this. Gordon Brown was apparently considering taxing winnings from gaming exchanges when he was Chancellor about 10 years ago. Never happened though.

    Thank you for the information.
    Winning isn't everything, it's the only thing ;)
  • clarejw
    clarejw Posts: 1,366 Forumite
    This makes me so glad I'm not a US-based comper...!
    You are so right. My British comping friend who lives in the USA has had to turn a couple of brill prizes down because the tax was too much.
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