FabSwingers.com forum: Following on from £26 million lotterywin thread

By (user no longer on site) OP
over a year ago

Just a little thought,

If the info in the press is correct George (76) won over £26,000,000.

Sounds to me like someone got poor advice or didn't think.

Without wanting to detract from his good fortune however part of the info is that he is 76, as the ave life expectancy in UK is around the same maybe he should have been warned about the inheritance tax liability of putting his name on the winning ticket.

IF he dies within 7 years of gifting any of the win to his children then they could be liable for up to 40% of the money in tax ( After the first £325,000 divided in his estate).

IF he is going to give it away to his kids/charity then they should have put one of his kids names on the lottery ticket as the winner.

I appreciate he would have to trust whatever child he chose to do the right thing and divide the money up as he saw fit, however leaving the govt. the chance of getting the families 40% just seems like poor planning.

I hope he lives a long and prosperous life, but the stats are that they just volunteered the govt. money that wasnt required.

PS, maybe its just the incentive to live longer just so he can stick two fingers up at HMRC, maybe they aren't so daft after all!!!!

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By *ig badMan
over a year ago

Up North :-)

A good point but hell the govt needs all the help paying its debt off.

Bet George has lots of fun though seeing all his long lost rellies pooping up to say hello

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By (user no longer on site)
over a year ago

Not a tax expert but does the fact that the lottery win is tax free have any affect, also if they were a previously agreed syndicate and are only therefore splitting their winnings, would this change things?

Whatever the answer would love to have their problems right now

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By (user no longer on site) OP
over a year ago

"Not a tax expert but does the fact that the lottery win is tax free have any affect, also if they were a previously agreed syndicate and are only therefore splitting their winnings, would this change things?

Whatever the answer would love to have their problems right now

The "tax free" element only relates to the fact you dont pay tax on the money won ( income tax). As soon as the money is realised it becomes part of his estate, then is liable the same as any other money or assets

If it is a syndicate then only HIS share of the money is entered into his estate and becomes liable on his death.

PS, I'm not a tax expert either, just had family and freinds hammered by inheritance tax in the past.

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By (user no longer on site)
over a year ago

i love bein poor!!! dont need to worry about inheritance tax lol!!!

good luck to the guy and his family i hope they enjoy every penny that they can spend and the charities that he said he will donate to xx

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By (user no longer on site)
over a year ago

Crikey, we swingers do cover some esoteric stuff!!

To be honest I dont think the old boy will be too worried, after all the winnings are effectively an inheritance, ie not the fruit of a lifetimes toil & labour.

Im sure if someone had said "Im going to give you £26 million this weekend but keep 40% of it from going to your undeserving children", he would have been quite happy with that arrangement! Ginger Ps..dont know if he's married, but remember inter-spouse transfers are free of IHT on death so they do have an opportunity to get their house in order ...gawd, sending myself to sleep now

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By *uton_coupleCouple
over a year ago

luton

im sure he will be given expert advise to avoid most of the money being eaten away by the numerous taxes that could befall him

but i think that he will soon come to the conclusion he will have to have a very major change in the way that he thinks about money

if it were me i would take the money and leave the country as fast as my legs would carry me

once domiciled in one of the many tax havens around the world , he can give money to his children etc without suffering tax penaltys

he could also keep his modest house and lifestyle he enjoys in the uk , as long as he does not spend more than around 6 months in any given year

its a sad state of affairs when one has to do such things but necassary nevertheless

about 3 years ago as part of the european development , such places as guernsey had to divulge names adresses etc of account holders living in the uk , and they had to pay enormous tax bills on interest acrued over the previous years

so it needs to be given much thought as to where you choose to live

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By *uckscouple2007Couple
over a year ago

Bucks

good luck to the chap (lucky bugger) ...

but if you won, especially a sum that large, would you not tick the No Publicity box?

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By (user no longer on site)
over a year ago

it would be no publicity to me!! i dont want all the cretins av pumped and dumped goin runnin to the news of the world selling their story!! xx

on a more serious level i wouldnt want my family bein pestered or my kid etc bein potential kidnap targets or whatever! xx

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