Ms Macbeth Posted December 29, 2012 Share Posted December 29, 2012 Yes, because unlike inheriting wealth and being an athlete, the lottery is completely random, no-one has a head start and everyone who enters has an exactly equal chance of winning. Inheriting wealth can be random, it doesn't always go down the family line. I had a grandfather who was a pharmacist with two shops, plenty of money and several other properties. Neither of his children inherited much, it all went to his second (much younger) wife, who had no children. GF changed his will when my father (his only son) was in the army in France during WWII. Lord knows what random person inherited the lot when the wife died. My father's life (and mine) could have been very different. A bit like if we'd won the lottery IMO. Link to comment Share on other sites More sharing options...
quisquose Posted December 29, 2012 Share Posted December 29, 2012 Yes, because unlike inheriting wealth and being an athlete, the lottery is completely random, no-one has a head start and everyone who enters has an exactly equal chance of winning. I have no chance of winning the lottery because I don't buy any tickets. My parents in their mid 80's do buy tickets, and I doubt they would be able to spend it because they don't spend their pension as it is. Their win would be my completely random gain, but I would have to pay inheritance tax on it. Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 29, 2012 Share Posted December 29, 2012 Inheriting wealth can be random, it doesn't always go down the family line. I had a grandfather who was a pharmacist with two shops, plenty of money and several other properties. Neither of his children inherited much, it all went to his second (much younger) wife, who had no children. GF changed his will when my father (his only son) was in the army in France during WWII. Lord knows what random person inherited the lot when the wife died. My father's life (and mine) could have been very different. A bit like if we'd won the lottery IMO. That's not random though is it. You just described a situation where the outcome was tens of millions of times more predicatable than the outcome of a lottery. ---------- Post added 29-12-2012 at 17:21 ---------- I have no chance of winning the lottery because I don't buy any tickets. My parents in their mid 80's do buy tickets, and I doubt they would be able to spend it because they don't spend their pension as it is. Their win would be my completely random gain, but I would have to pay inheritance tax on it. Not necessarily. They could gift you the money tax free but then it is subject to the seven year inheritance tax rule. Link to comment Share on other sites More sharing options...
XXTickerXX Posted December 29, 2012 Share Posted December 29, 2012 No gambling winning are taxed in Britain.They used to be but not any more. How would they give tax relief to all the players that don`t win? I`m sure it would be a very significant amount over the course of a year. Link to comment Share on other sites More sharing options...
Tony Posted December 29, 2012 Author Share Posted December 29, 2012 It seems that most are in favour of people who work hard should pay tax, and those that gamble should pay none. Is that because "it could be you" rather than "that will never be me"? Are big tax bills just for other people? Link to comment Share on other sites More sharing options...
wednesday1 Posted December 29, 2012 Share Posted December 29, 2012 It seems that most are in favour of people who work hard should pay tax, and those that gamble should pay none. Is that because "it could be you" rather than "that will never be me"? Are big tax bills just for other people? They're all ready paying tax on the money they earn, Tone. Link to comment Share on other sites More sharing options...
XXTickerXX Posted December 29, 2012 Share Posted December 29, 2012 It seems that most are in favour of people who work hard should pay tax, and those that gamble should pay none. Is that because "it could be you" rather than "that will never be me"? Are big tax bills just for other people? So if someone earns £30000 a year when winning at gambling and is then taxed are the government going to give him money back when he loses £30000? Bearing in mind the gambling company is already paying tax on profits and employees tax on wages so its fair if you want to tax a gambler they can claim a percentage back when they lose. Link to comment Share on other sites More sharing options...
I1L2T3 Posted December 29, 2012 Share Posted December 29, 2012 It seems that most are in favour of people who work hard should pay tax, and those that gamble should pay none. Is that because "it could be you" rather than "that will never be me"? Are big tax bills just for other people? You seem to be missing the point. Lottery ticket purchases are already taxed. Lottery Duty is 12% and is paid by the promoter, the National Lottery. Will you give up now Link to comment Share on other sites More sharing options...
andygardener Posted December 29, 2012 Share Posted December 29, 2012 It seems that most are in favour of people who work hard should pay tax, and those that gamble should pay none. Is that because "it could be you" rather than "that will never be me"? Are big tax bills just for other people? The lottery isn't aimed at or in general played by gamblers. It's aimed at fantasists. It wasn't dubbed the prole tax for nothing. Each £1 staked, 40p goes straight to the government (12% direct and 28% stuff they would otherwise have to fund), 5p to retailers, 0.5p profit for camelot and 4.5p running costs. The half that remains is heavily weighted in favour of the jackpot and other top tier prizes which the vast vast majority will not win. For the vast majority of players it isn't a gamble, it's chucking money at the government with no realistic chance of getting it back. The only attraction of the appalling odds it offers is the fantasy of a massive win. If you then say to the hat-full of people who do win, we'll have half of that thanks very much you take away half the incentive for people to throw money at the government in the first place. Link to comment Share on other sites More sharing options...
tinfoilhat Posted December 29, 2012 Share Posted December 29, 2012 The lottery isn't aimed at or in general played by gamblers. It's aimed at fantasists. It wasn't dubbed the prole tax for nothing. Each £1 staked, 40p goes straight to the government (12% direct and 28% stuff they would otherwise have to fund), 5p to retailers, 0.5p profit for camelot and 4.5p running costs. The half that remains is heavily weighted in favour of the jackpot and other top tier prizes which the vast vast majority will not win. For the vast majority of players it isn't a gamble, it's chucking money at the government with no realistic chance of getting it back. The only attraction of the appalling odds it offers is the fantasy of a massive win. If you then say to the hat-full of people who do win, we'll have half of that thanks very much you take away half the incentive for people to throw money at the government in the first place. I agree with that, and this coming from someone who has a few quid on it from time to time. If you do tax lottery winnings, is it just the big one or do you tax the tenner as well ? I've won more from a fruit machine on rare occaisions, do I pay on that as well ? Link to comment Share on other sites More sharing options...
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