Is the EuroMillions Jackpot getting too big?

If you won, say, 150m, how much would you lose to tax?

You don’t get taxed on the lottery???

The answer is 0%.

You don’t get taxed on the lottery???

No.

It’s gambling, they would love to be able to tax winnings, however that would make losses tax deductible.

The last thing you want is someone paying £100k per year in tax losing his salary in a poker game with his mate and offsetting his poker losses against his employment earnings and not having to pay any tax.

sod the tax, think of the interest….

Although what’s the best way of passing some of it on to relatives etc. Presumably they’d be liable to CGT on any money gifted. What about buying houses/cars (with them being the registered owner)?

sod the tax, think of the interest….

you would get taxed on the interest 😀

Other than married partner – inter family gifts are taxed over £3000 unless you die within 7 years in which case it falls under Inheritance tax (I think).

A gift is tax free and not liable for Inheritance tax as long as it is made 7 years or more before death (to avoid people giving away their wealth tax free on their death bed). CGT does not apply to gifting, its a tax on gains.

If you won £150m then you could give huge amounts away (in fact there is no IHT payable at all on gifts made out of regular income, it’s only if you use capital). You just have to make sure on big capital gifts that you don’t die straight away afterwards (by for example, being shagged to death by 20 stunning high class escorts the night after your cheque clears….)

Is it getting too big?

Not if I won it!

Getting too big? It’s a standard of living I could very rapidly get used to.
And no, it wouldn’t be squandered on useless business ventures, fleets of ugly trashy cars, or inhaling most of Columbia. A number of small local charities, like BARB (Burnham Area Rescue Boats) would certainly benefit though.
BARB run the rescue hovercraft from Burnham-on-Sea, and do a fantastic job dragging stupid grockles out of the mud every year, with only local fundraising, so their running costs would be covered if I had that kind of money.
I’d be able to retire and go travelling, too, and not worry about the damned mortgage anymore as well.

you could spend about £15,000 per day and still not spend the interest !, how many days does it take to buy every possible type of bike ?