UK taxation on game-show/lottery victory ???

Wonder if anyone knows, as if the lottery winner or the winner within a game show, such as Who Wants to be a Millionaire, either winning cash or just other freebies such as holiday, games, furniture, car, etc. has to pay tax on any of it & if so at what rate ??? Does the person's personal financial state get considered, when it comes to taxing on winning amount ??? What's the taxation law about National Lottery within UK & the Euro Lottery ???

Does the winner of Who wants to be a Millionaire in USA or simply a lottery (state/national), has to pay any tax ???

Reply 1

Johnny 5

12

The lottery isn't taxed.

Reply 2

Reue

20

surely it would come under as giving a gift. As far as im aware money gifts are non-taxable.

Reply 3

Chrism

1

You pay the tax when you buy your ticket, not on any winnings.

Reply 4

j4mes_bond25

OP

Chrism

You pay the tax when you buy your ticket, not on any winnings.

Well that's quite a sensible reply. Thanks. However, in some countries, I've heard they end-up paying tax on winnings, as well. Any idea about it & how about winnings in a game show ???

Reply 5

greenmuzz

2

In the UK, a lottery win is not taxed, as the lottery is government run (oka, run by Camelot on bhelf od the government). In the US, for example, the lotteries are private enterprises, so the winnings are taxable. For example, a recentish big winner of something like £120m was taxed about £92m, or so I heard. Still, the results hardly worht complaining about :smile:

Game shows I know nothing about. However, I wouldn't be surprised if a certain amount was taxable.

Reply 6

JakeR

1

in america the lottery has a huge tax, and game show winnings too. you just have to pay the normal "income tax" and then there might be another one too. i'm not sure. but i know you lose a lot.

when you win the lottery there's 2 choices:
1.) LUMP SUM!! : you get a smaller amount of money than the prize was worth(a lot smaller, up to 50% i think?) but you get it all at once
2.) over 20 years: you get a bigger chunk(75%?) of the winnings and they pay you some each year for 20 years.

Reply 7

legbreakgoogly

Uk taxation!

Reply 8

j4mes_bond25

OP

greenmuzz

In the UK, a lottery win is not taxed, as the lottery is government run (oka, run by Camelot on bhelf od the government). In the US, for example, the lotteries are private enterprises, so the winnings are taxable. For example, a recentish big winner of something like £120m was taxed about £92m, or so I heard. Still, the results hardly worht complaining about :smile:

Game shows I know nothing about. However, I wouldn't be surprised if a certain amount was taxable.

Interesting stuff there. Thanks for that. So, what's the case with private company owned lottery, perhaps like a scratch cards OR indeed a big win in the game of Roulette ??? Any idea ???

UK taxation on game-show/lottery victory ???

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