Euromillionaire winners.....

[askyourgran]

Not sure which topic to put this in.. but. My Granddaughter works in a large office, one of the Departments chipped in for the Euromillions and the staff have won £1m in the lottery millionaire numbers last weekend. They were are set to win £40.000 each, but she told me that they only pick up £17.000 each because they didn't declare themselves as a syndicate when they entered the draw, therefore they have to pay tax on the £1m. I think that is a rip-off, how many people would know to declare and indeed how to declare a sydicate. Has anyone heard about this before?

[HowardKennitby]

Gran

Who has told your GD this?

[askyourgran]

I hadn't thought about syndicates ellipsis, even within a family I suppose it must count. My daughter says if you buy on-line there is a tick-box for syndicates. But I don't see anything on the ticket to say you must declare one. Camelot usually advise people who win large amounts so they may talk to them.
My granddaughter doesn't work in that particular Department so she is not going to be rich, alas.

[askyourgran]

Someone she works with, I'll have a word with her again at the weekend when she comes to visit us.

[Mick-Talbot]

Your best answer needs revising, SD is absolutely correct.

[Hawkwalk]

I think the person who bought the ticket may be keeping the "tax" for themselves!!

[Mick-Talbot]

Why do you think that?

[Hawkwalk]

if the whole million is paid to the person who bought the ticket and each person in the syndicat has been told they are getting £17,000 then someone is keeping the rest.

[Mick-Talbot]

And you don't think anyone will check up on this?


It's more likely Fred told Harry this and harry told Sally, before you know everyone is convinced they will be paying tax on it.
I'm surprised they didn't google for an answer straight away.

[askyourgran]

It was a toss-up Mick, Howard quoted from the Lottery site which gave a credible answer, SD also made sense, but my knowledge of tax matters and winning large sums of money is nil. As far as I know the people in that office are generally young people more interested in buying a new car or an 18-30 holiday, not thinking of inheritance tax at their age. And probably the reason why they never thought of registering as a syndicate in the first place and I'm not sure if this wasn't a one-off event. Both were good answers perhaps I should have not selected at all, or at least waited until the end of the thread.

[Mick-Talbot]

They should have sorted the syndicate out properly to avoid the 7 year rule,

now they need to be prudent and put 40% away just in case.

A quick google found this.

http://www.thisismone...-on-lottery-cash.html

http://www.thisismone...-on-lottery-cash.html

[askyourgran]

Hawkwalk I think they would realise if they are being conned out of anything. The matter rests with the fact that they didn't realise they had to declare they were in a syndicate. And the penalty of not doing so.

[askyourgran]

Mick-T thanks for the links, I'll show them to her.