Lottery Winnings

[Hopkirk]

Will I have to pay tax on my lottery winnings?

[sandyRoe]

I didn't.

[x-ray]

No....how much did you win ?

[kawakiri]

Yes payable to me.

[another-view]

Nope

[Hopkirk]

I don't know yet.

[another-view]

£2 on a scratchcard

[Hopkirk]

There is a scratchcard that promises £40,000 a year for life.

I presume you would have to pay income tax on that.

[another-view]

Shouldn't have to.

[ummmm]

No...it's winnings.

[dothawkes31]

How on earth would the tax man know what you had won anyway, I'll keep quiet about it for 10% Marty lol

[ummmm]

The tax man would know if 40k was put into someones account.

[Hopkirk]

Can you see me Dot?

[ummmm]

The tax man knows when 5k is put into an account.

[dothawkes31]

lol no are you wearing a white suit?

[Hopkirk]

Of course

[dothawkes31]

So what happens then? Do they write to you and ask you where the money came from? I had £36,000 in my bank a year or so ago and I didn't get a letter and the bank paid me interest.

[ummmm]

If they follow it up the just look at where the payment came from.

[dothawkes31]

Of well they've had 18 months to do that and they've not bothered and so they must have missed that one lol

[Hopkirk]

Ah, apparently you do pay tax on the £40,000 per year winnings.

http://blog.lottomad....lottery-scratch-cards

It's probably deducted at source.

[dothawkes31]

you could always ask for cash and take a wheelbarrow along to the presentation though