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Hypothetical lottery jackpot win
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Last night was the euromillions draw and tonight is the national lottery and every week I hope to win big time - like all other players.
There is only me (self + 2 cats) and my brother (married with two kiddies) left of our family. I have no problem giving him some of my big win - maybe 20%-25% of my total win.
Would there be tax payable on the money that I give him?
We don't have a written agreement because (a) we really don't think that we will ever win anything and (b) the percentage that I give him is dependent on how much I win - I need to buy a house and secure an income from savings etc.
I must add that the tight fisted git doesn't buy lottery tickets on a regular basis.
I know that this is hypothetical but it doesn't hurt to be prepared.
Thanks
Susan
There is only me (self + 2 cats) and my brother (married with two kiddies) left of our family. I have no problem giving him some of my big win - maybe 20%-25% of my total win.
Would there be tax payable on the money that I give him?
We don't have a written agreement because (a) we really don't think that we will ever win anything and (b) the percentage that I give him is dependent on how much I win - I need to buy a house and secure an income from savings etc.
I must add that the tight fisted git doesn't buy lottery tickets on a regular basis.
I know that this is hypothetical but it doesn't hurt to be prepared.
Thanks
Susan
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