So hypothetically speaking ( trust me I haven't won a penny)
But say if I did win.
What's the most I can gift friends and family??
For example if I where to win 169 million would I be able to give my kid's 20million each and not see the tax man stealing all back? |
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By (user no longer on site)
over a year ago
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No limit on gift amount. If you live for at least 7 years after making the gift then there is no tax to pay. Less than 7 years and the person receiving the gift can be liable for some tax |
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By (user no longer on site)
over a year ago
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"But surely you would have to pay tax on the lump sum when you received it ? "
No, as I said above. I only know as a family member went through this.
Substantial gift received, 3 years later the person giving the gift passed away. They got hut with a hefty tax bill |
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See some lucky sod won the whole lot!!!!
If I had that sort of money I would build my own joinery shop and make high end joinery.
To keep myself busy.
But treat it like a hobby ,I think the earl of blandford does a similar thing. |
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By *ilkenWoman
over a year ago
Manchester |
"lottery tax free ?? isn't it ...."
I think the tax is part of the stake placed so not exactly tax free but you don't pay tax on what you have won. However if you gift moneys to others then the gift giver has to survive over 7 years if not tax can be applicable on the amount received by the receiver. |
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