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Lotto cash prize alternatice,is it tax free?

  • 10-04-2014 3:32pm
    #1
    Closed Accounts Posts: 2,021 ✭✭✭


    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


Comments

  • Registered Users, Registered Users 2 Posts: 13,261 ✭✭✭✭Losty Dublin


    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.


  • Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭JDxtra


    Did you win?


  • Registered Users, Registered Users 2 Posts: 1,119 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Lottery wins are specifically exempt under the TCA 97


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