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Big lottery win

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By *ools and the brain OP   Couple
over a year ago

couple, us we him her.

So hypothetically speaking ( trust me I haven't won a penny)

But say if I did win.

What's the most I can gift friends and family??

For example if I where to win 169 million would I be able to give my kid's 20million each and not see the tax man stealing all back?

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By *rightonsteveMan
over a year ago

Brighton - even Hove!

Yeah

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

No limit on gift amount. If you live for at least 7 years after making the gift then there is no tax to pay. Less than 7 years and the person receiving the gift can be liable for some tax

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By *allySlinkyWoman
over a year ago

Leeds

But surely you would have to pay tax on the lump sum when you received it ?

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


"But surely you would have to pay tax on the lump sum when you received it ? "

No, as I said above. I only know as a family member went through this.

Substantial gift received, 3 years later the person giving the gift passed away. They got hut with a hefty tax bill

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

lottery tax free ?? isn't it ....

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By *allySlinkyWoman
over a year ago

Leeds

Why would it be tax free ? Surely it is classed as income.

If you sell a second home it is taxed as income.

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By *he Ring WraithMan
over a year ago

Bradford

Its not income for tax purposes and if it is anything like betting on the horses you pay tax on the stake so you do not have to pay tax on the winnings (I believe that is how it works).

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By *ools and the brain OP   Couple
over a year ago

couple, us we him her.

See some lucky sod won the whole lot!!!!

If I had that sort of money I would build my own joinery shop and make high end joinery.

To keep myself busy.

But treat it like a hobby ,I think the earl of blandford does a similar thing.

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

I thought you could only gift 3k a year per person before the taxman comes a knocking?

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By *nabelle21Woman
over a year ago

B38

Imagine waking up to what win! good luck to them.

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

pretty sure they abolished tax on gambling years ago

anyway when i won i would just go to an accountant

i mean if i won

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By *ilkenWoman
over a year ago

Manchester


"lottery tax free ?? isn't it ...."

I think the tax is part of the stake placed so not exactly tax free but you don't pay tax on what you have won. However if you gift moneys to others then the gift giver has to survive over 7 years if not tax can be applicable on the amount received by the receiver.

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