[FPSPACE] Re: lottery
bmews at hotmail.com
Tue Feb 21 17:31:37 EST 2006
>As I understand it, the British lottery pays out the full amount in a lump,
>and the government does not tax it - viewing it as a 'windfall'. If ever I
>win, I'll get back to y'all and confirm this!
Correct, though if you win as a syndicate, you have to prove that this is
set up as such, as the UK Revenue may well tax the purchaser of the ticket
in gifting the money away to the other members, if it is not proven as such.
There have been cases in law on this point, and also with other members of
the syndicate trying to prove their winnings from the lucky ticket. Always
draw up a written agreement in such matters.
(Work head off)
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