Tony Posted December 29, 2012 Share Posted December 29, 2012 National Lottery winners don't pay any tax on their winnings. After all, unlike business people, athletes, musicians, footballers, or generations who manage family estates, all they did was spend a quid in the newsagents. Is that right? Link to comment Share on other sites More sharing options...
Magilla Posted December 29, 2012 Share Posted December 29, 2012 You still pay tax on your income from it, like all the people you mention, just not on the one time lump sum. I don't have a problem with it. Link to comment Share on other sites More sharing options...
Tony Posted December 29, 2012 Author Share Posted December 29, 2012 Fair enough. Do you think that filling in a lottery ticket is different from inheriting earned wealth or being taxed 50% of earnings from being an athlete? Link to comment Share on other sites More sharing options...
SevenRivers Posted December 29, 2012 Share Posted December 29, 2012 National Lottery winners don't pay any tax on their winnings. After all, unlike business people, athletes, musicians, footballers, or generations who manage family estates, all they did was spend a quid in the newsagents. Is that right? Yes that is correct. Link to comment Share on other sites More sharing options...
Penistone999 Posted December 29, 2012 Share Posted December 29, 2012 National Lottery winners don't pay any tax on their winnings. After all, unlike business people, athletes, musicians, footballers, or generations who manage family estates, all they did was spend a quid in the newsagents. Is that right? Dont you think the money Grabber`s at HMRC fleece us out of enough money already without screwing people out of money they won having a flutter. ? Link to comment Share on other sites More sharing options...
Magilla Posted December 29, 2012 Share Posted December 29, 2012 Fair enough. Do you think that filling in a lottery ticket is different from inheriting earned wealth or being taxed 50% of earnings from being an athlete? Well, a lotto win isn't an inheritance, I would say it's proceeds from gambling. Last time I checked that carries no tax burden, though I believe it's under review. However, tax is paid on each ticket sold in advance of any win, 12% in duty & 28% to good causes. That would seem to be a good deal. Tax will be paid on any earnings from the the win, the same as with your athlete example above. All in all it seems to balance out quite well. Link to comment Share on other sites More sharing options...
max Posted December 29, 2012 Share Posted December 29, 2012 I would say that winning lottery prize money is far more arduous than inheriting wealth. Link to comment Share on other sites More sharing options...
Bypassblade Posted December 29, 2012 Share Posted December 29, 2012 Given that we are already taxed to death as it is, leave the winnings alone I mean the odds of winning are stacked against you. Link to comment Share on other sites More sharing options...
rodnreeluk Posted December 29, 2012 Share Posted December 29, 2012 You have already paid tax on the money you used to buy the ticket. You don't get tax back if you lose, so why should you pay it if you win? If I remember my history lessons correctly: Income Tax was introduced to pay for the Napoleonic wars. They are long over - so why are we still paying it? Link to comment Share on other sites More sharing options...
mart Posted December 29, 2012 Share Posted December 29, 2012 National Lottery winners don't pay any tax on their winnings. After all, unlike business people, athletes, musicians, footballers, or generations who manage family estates, all they did was spend a quid in the newsagents. Is that right? What has made you ask that question? I do hope the origin is not jealousy Other wins are tax free also, like wins from premium bonds for example. Would you be happier if money won by people was taxed Dont you think the money Grabber`s at HMRC fleece us out of enough money already without screwing people out of money they won having a flutter. ? 100% correct, and especially when we hear about how the goverment waste the billions of tax revenue they collect. Link to comment Share on other sites More sharing options...
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