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tax on winnings

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lyndylou | 17:43 Mon 24th Sep 2012 | Business & Finance
8 Answers
A Friend of mine has won a "bit" of money not enough to have a big organisation ( like the lottery ) to advise her - she has put it into her bank. I wondered if she will need to pay tax on it to stay the right side of the law
Thank you
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Avatar Image Psybbo
No
17:44 Mon 24th Sep 2012
Avatar Image factor-fiction
No. She may have to pay tax on any interest if she's a taxpayer though
17:44 Mon 24th Sep 2012
Avatar Image sandyRoe
There's tax on winnings. Any interest it earned would be, though.
17:45 Mon 24th Sep 2012
Avatar Image sandyRoe
*There's NO...^
17:45 Mon 24th Sep 2012
Avatar Image dzug2
It does depend a bit on what sort of winnings but if it's gambling, lottery etc - no tax to pay
19:10 Mon 24th Sep 2012
Avatar Image joggerjayne
No, you only get taxed if you work and slave hard for the money.

If you just have a flukey win, you keep it all.

Go figure!
19:11 Mon 24th Sep 2012
Avatar Image Wharton
Your pal has already paid tax on the stake money.
19:19 Mon 24th Sep 2012
Avatar Image lyndylou
Question Author
Thank you ALL!!
10:52 Tue 25th Sep 2012

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