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Euro Millions

sheriffwoody

Distinguished Member
Anyone else partaking in a bit of wishful thinking tonight with the Euro Millions draw?

Done a mass sweepstake at work (32 of us) in the hope of not having to go back in on Monday.

There will also be 100 UK millionaires tonight too.

Got to be in it to win it :thumbsup:
 

dc8900

Distinguished Member
no, you are exempt from tax if you setup a syndicate properly through camelot. in this case its a sweepstake, any money that changes hands has to pay top dollar tax.

ah, I must have mis-read the OP and thought he said he had a syndicate :facepalm:
 

tonyrees687

Well-known Member
So if I win tonight I will have to pay 40% tax, but if I have a syndicate through Camelot, I don't have to pay tax on the win. So would a syndicate( say just the winner and his wife or partner) be like an avoidance in tax. Which is totally wrong by the way ;).
 

dc8900

Distinguished Member
So if I win tonight I will have to pay 40% tax, but if I have a syndicate through Camelot, I don't have to pay tax on the win. So would a syndicate( say just the winner and his wife or partner) be like an avoidance in tax. Which is totally wrong by the way ;).

Normal individual winners and syndicates organised through Camelot don't have to pay tax but it appears as Tommy Teapot says you have to hand over 40% to George Osborne if it's a sweepstake
 

amd mad

Active Member
so do i have to tell Con-alot i'm in a syndicate? Can i not just write the peoples name on a piece of paper to say how any wins would be shared out?
 

dc8900

Distinguished Member
so do i have to tell Con-alot i'm in a syndicate? Can i not just write the peoples name on a piece of paper to say how any wins would be shared out?

More on syndicates from Camelot: Syndicates | Help | The National Lottery,

long story short:

Q.Why is a syndicate agreement necessary?

A. National Lottery prizes are not normally chargeable gains for the purposes of UK Capital Gains Tax and will not be assessed for UK Income Tax. If a prize is won and shared by a syndicate who have entered into a written agreement before the win, then syndicate members should not be liable to pay UK inheritance tax. In the event of a big win, HM Revenue and Customs may require to see the agreement as evidence of the group agreement. In the absence of a suitably drawn up syndicate agreement, any of the prize monies distributed to other syndicate winners may be subject to inheritance tax. It is important to note that HM Revenue and Customs law and practice may change. The comments are based on our understanding of HM Revenue and Customs law and practice as at September 2010. For detailed tax advice, please contact a solicitor or a suitably qualified tax professional.Neither The National Lottery nor Camelot UK Lotteries Limited has any responsibility or liability for the organisation, management or operation of any syndicate.
 

Tommy Teapot

Well-known Member
so do i have to tell Con-alot i'm in a syndicate? Can i not just write the peoples name on a piece of paper to say how any wins would be shared out?

no, you need to fill out one of those application packs for syndicates, everybody has to sign it and send it back to camelot. :thumbsdow
 

tonyrees687

Well-known Member
When does the 40% winning tax kick in. I have no clue about thing like this. I have won tenner a few times and got a tenner. So winning say a £1000000 how much would I get on the TommyTeapot example.
 

Tommy Teapot

Well-known Member
When does the 40% winning tax kick in. I have no clue about thing like this. I have won tenner a few times and got a tenner. So winning say a £1000000 how much would I get on the TommyTeapot example.

if you bought a ticket and cashed it in you get 100% of the winnings.

if you bought a ticket and shared it with a friend say or even a syndicate, the tax man is due 40% of the money handed over/shared.

this is based on winning the jackpot, the tax could drop if you won less tho. :)
 
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amd mad

Active Member
thats daft i know at my place of work that when the euro goes big, groups of friends do a syndicate for that draw only they wont have time to tell con-alot
 

dc8900

Distinguished Member
In other news, looks like there a lot of people buying last minute entries online as the national lottery website is now queuing up visitors.
 

Iccz

Distinguished Member
AkXbq.png


:laugh:
 

dc8900

Distinguished Member

and you will still get Camelot saying they had "Unexpected volumes" of visits to their website despite the fact they have been advertising the 100 winners millionaire raffle for weeks (and the fact it's a £105m jackpot) :suicide:
 

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