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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Lottery and tax... again? |
Ok, I am in the UK, I win 拢5million on the lottery, and want to give 拢1million to my parents, my bro and a friend... will they be taxed on this? I asked this already and people started talking about inheritance tax... don't know why, I have no plans to die in the next 7 years, or even 50 years! If they can be taxed, to what amount, and how do I get round it? Yes, it would be taxed. One option is do have a family syndicate agreement so that you are all classed as winners and decided what proportion you are each equal too.(There is no rule to say its equal) Just draw it up, sign it, and present it to Camelot. It is not inheritence tax but Capital gainsTax See inlandrevenue.gov Im pretty sure whoever you gave the money to would have to pay capital gains tax as it would be classed as unearned income. i dont know that but i do know u dont know when u r going to die god is the one that makes that choice Give it to them in the form of a loan agreement payable at a pound a year does noone listen to me its not taxable!!!!!!!!!!!!!!!! unless u die then it mite b classed under inheritence tax if u wanna b really sad there is a way round it sell ur parents a raffle ticket for 拢1 1st prize in the raffle is 拢1000000 and ur parents ticket is the only ticket sold so they win the money good enough? |
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