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*** TAX PAYABLE ON COMPETITION WINS ***
One-Eye
Posts: 72,627 Forumite
PRESS RELEASE:
In a previously unannounced move today (1st April), Labour will publish a white paper with proposals to introduce a new tax on all competition wins worth £500 or more.
All competition entrants will need to give the competition promoter their National Insurance numbers and the promoter will pass this, and other details, on to HMRC when they choose a winner. If the prize is cash or vouchers, income tax will be deducted at 20% before the prize is given to the winner. Where the prize is goods or services, the winner will have 6 months to pay the assessed amount to HMRC.
We contacted Labour, and Rachel from accounts said...
“The United Kingdom is the only major country where competition prizes are entirely tax free and we just want to bring the country into line with international norms. If someone is lucky enough to win £1000, then I am sure they will be happy to receive £800 and pay the rest towards my Sabrina Carpenter tickets the NHS.”
We will contact people on the competitions time section of a well known forum for skinflints© for comments and their reaction to this proposal.
In a previously unannounced move today (1st April), Labour will publish a white paper with proposals to introduce a new tax on all competition wins worth £500 or more.
All competition entrants will need to give the competition promoter their National Insurance numbers and the promoter will pass this, and other details, on to HMRC when they choose a winner. If the prize is cash or vouchers, income tax will be deducted at 20% before the prize is given to the winner. Where the prize is goods or services, the winner will have 6 months to pay the assessed amount to HMRC.
We contacted Labour, and Rachel from accounts said...
“The United Kingdom is the only major country where competition prizes are entirely tax free and we just want to bring the country into line with international norms. If someone is lucky enough to win £1000, then I am sure they will be happy to receive £800 and pay the rest towards my Sabrina Carpenter tickets the NHS.”
We will contact people on the competitions time section of a well known forum for skinflints© for comments and their reaction to this proposal.
17
Comments
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Nice April fool5
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You got me. I could feel my blood pressure rising as I read this.
Can't Smile Without You3 -
Haha I was getting so mad reading this, then I realised the date! Wins in 2023 - 35
Wins in 2022 - 43
Wins in 2021 - 62
Wins in 2020 - 68
Wins in 2019 - 54 -
..."Rachel from accounts..." Ha Ha! 🤣😁🤣😁🤣
0
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