Sale of National Lottery.

Xenophile

In any sale of the National Lottery to private enterprise all sales of Lottery Products should be subject to Value Added Tax at the standard rate.

This will guarantee a continued pay back to the State.

hfallada

I think large lottery winnings should be liable for income tax. In the US a large lottery winnings are subject to tax. Why should someone who is lucky get to keep 100% of a €5 million euro jackpot. When a business owner who slaves over his business for years and when he sells it have to pay 33% capital gains tax

srsly78

Xenophile wrote: »

In any sale of the National Lottery to private enterprise all sales of Lottery Products should be subject to Value Added Tax at the standard rate.

This will guarantee a continued pay back to the State.

If they wanted to get an extra 23% from it they could just tweak the mechanics (changing the odds).

Similarly with the taxing the winnings. The total return on average from the lottery is statistically pre-decided.

markpb

I wold imagine that if they added VAT to the sale of lottery tickets (assuming they don't already), any company bidding will revise their estimated sales downwards and value the company/contract lower. The government are selling the lottery to make money now which can be used to clear our debt, I'm not sure reducing that amount will be on their cards.

Xenophile

srsly78 wrote: »

If they wanted to get an extra 23% from it they could just tweak the mechanics (changing the odds).

Similarly with the taxing the winnings. The total return on average from the lottery is statistically pre-decided.

Keep it all above board transparent and accountable this way you have a greater chance of avoiding malpractice. As an after thought it may be a little comfort to losers to know that part of their "gone down the drain money" is going to pay for services provided by the state

Xenophile

hfallada wrote: »

I think large lottery winnings should be liable for income tax. In the US a large lottery winnings are subject to tax. Why should someone who is lucky get to keep 100% of a €5 million euro jackpot. When a business owner who slaves over his business for years and when he sells it have to pay 33% capital gains tax

If I won €10 million on the lottery I would be very happy to pay tax on the winnings otherwise I would not buy a ticket.

Xenophile

markpb wrote: »

I wold imagine that if they added VAT to the sale of lottery tickets (assuming they don't already), any company bidding will revise their estimated sales downwards and value the company/contract lower. The government are selling the lottery to make money now which can be used to clear our debt, I'm not sure reducing that amount will be on their cards.

Take the long term view our financial situation right now is not as desperate as it was. Apart from that we are now saddling the next generation with debt so in years to come VAT on lottery sales might just provide a little welcome relief.

goat2

hfallada wrote: »

I think large lottery winnings should be liable for income tax. In the US a large lottery winnings are subject to tax. Why should someone who is lucky get to keep 100% of a €5 million euro jackpot. When a business owner who slaves over his business for years and when he sells it have to pay 33% capital gains tax

if the lottery is taxed, i think that you will have far less people playing, which there will be less in the pot, and less still in the hand, it will be a lose, lose situation,
since everything is taxed and it is the only tax free money, that makes it more attractive to play

Xenophile

goat2 wrote: »

if the lottery is taxed, i think that you will have far less people playing, which there will be less in the pot, and less still in the hand, it will be a lose, lose situation,
since everything is taxed and it is the only tax free money, that makes it more attractive to play

Ok, just apply tax over winnings of €10 million or more!

goat2

keeping in mind that the lottery has being helping many organisations, like sports and others, as it is it is a nice bundle, but tax the winnings and you will have less playing and less for these organisations,
i do love when i see a few people having the winning numbers, that way a few families het to share their share with their families, which means more people are set up for their future,

Duiske

Xenophile wrote: »

Ok, just apply tax over winnings of €10 million or more!

If that tax had applied since the Lotto was launched 26 years ago, do you know how much it would have raised ? Not one cent. The largest single jackpot was about €11.5 million, but was split between 2 winners. Largest single win was €8.7 million.

Xenophile

goat2 wrote: »

keeping in mind that the lottery has being helping many organisations, like sports and others, as it is it is a nice bundle, but tax the winnings and you will have less playing and less for these organisations,
i do love when i see a few people having the winning numbers, that way a few families het to share their share with their families, which means more people are set up for their future,

In many ways the National Lottery is a tax on the poor. If I had my way I would make all lotteries illegal.

Up to now it was an election slush fund by that I mean Government Ministers allocating Lotto Funds to projects in their own constituencies.

We had the unedifying spectacle of a Government minister after the last General Election telling us how ironic it was to be standing in the count centre in County Kerry accepting his election defeat in the Community Centre which he helped to establish through Lotto funds.

No more money for sports clubs and the likes, put the funds into Drug Rehabilitation centres, not so sexy as golf clubs and not many votes in there either.

Xenophile

Duiske wrote: »

If that tax had applied since the Lotto was launched 26 years ago, do you know how much it would have raised ? Not one cent. The largest single jackpot was about €11.5 million, but was split between 2 winners. Largest single win was €8.7 million.

Ok point taken, tax winnings on €5 million or more.