Lotto cash prize alternatice,is it tax free?

lifeandtimes

Hi Guys,

Hopefully someone can shed some light on this for me.

Currently the national lottry have a promotion running where if you enter a code on your ticket on their website youre entered into a draw for a car worth 30,000 EUR.

Alternativly you can accept the cash instead,can any one let me know if you win and take the cash do you have to pay tax on it?

Thanks in advance

Losty Dublin

lifeandtimes wrote: »

Hi Guys,

Hopefully someone can shed some light on this for me.

Currently the national lottry have a promotion running where if you enter a code on your ticket on their website youre entered into a draw for a car worth 30,000 EUR.

Alternativly you can accept the cash instead,can any one let me know if you win and take the cash do you have to pay tax on it?

Thanks in advance

Lottery prices have traditionally been tax free; no reason why this one should be any different. Give them a call and ask.

JDxtra

Did you win?

Mongarra

To have an income tax liability you must have a source of income - business, rental property, investments, employment.... A lottery ticket is not regarded as a source of income so no income tax payable.

Mr. Incognito

Lottery wins are specifically exempt under the TCA 97