tv game show winnings?

holder

Hi All

im 99% sure that anything won on a tv game show is tax free?? can anyone in the know confirm this please

Thanks

fengirl_2

Prizes in the Uk are not taxable.

divadee

as fengirl said nope they are not taxable, BUT if you gave some of the money to family and friends then it becomes taxable for them. so depending how much you have won, it would be better to treat family/friends with gifts rather than give them the money.

cash99

divadee wrote: »

as fengirl said nope they are not taxable, BUT if you gave some of the money to family and friends then it becomes taxable for them. so depending how much you have won, it would be better to treat family/friends with gifts rather than give them the money.

Divadee on what basis do you believe that cash gifts are taxable in the hands of recipients. The only tax implication I can think of is a potential inheritance tax liability on the donor which would apply to cash as well as non cash gifts.

divadee

cash99 wrote: »

Divadee on what basis do you believe that cash gifts are taxable in the hands of recipients. The only tax implication I can think of is a potential inheritance tax liability on the donor which would apply to cash as well as non cash gifts.

i was only quoting what a friend was told when she won a substantial amount of money by a financial advisor. She was informed that the recipents would have to pay tax on the money given to them.

I dont know how this is worked, and sorry if it was duff info, but 8 years ago this was the case she was informed.