Are my ITV winnings tax free?

lukgs7

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.

mjm3346

Tax free (the cash and the goods).

lukgs7

mjm3346 wrote: »

Tax free (the cash and the goods).

Thank you :money:

JessicAhh

This makes me so glad I'm not a US-based comper...!

Moneymadmark

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.

lukgs7

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.

clarejw

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.