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Gift tax on lottery winnings

Dyl_c_m · 2014-11-10 20:15:33

I've started playing the lotto recently. Being under i couldn't claim a prize if i won. Me and my family members (there's four of us) always said if we won big we'd split it four way. The other three members of my family could claim the winnings as part of a syndicate and each get 1/3 of the money tax free (as lottery…

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10-11-2014 9:15pm

#1
Dyl_c_m

Registered Users Posts: 2 ✭

Join Date: November 2014

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I've started playing the lotto recently. Being under i couldn't claim a prize if i won. Me and my family members (there's four of us) always said if we won big we'd split it four way. The other three members of my family could claim the winnings as part of a syndicate and each get 1/3 of the money tax free (as lottery winnings are). I'm wondering if i could get 1/4 of the money tax free. I read online that lottery winnings are exempt from gift taxation allowances, does this just mean it's tax free when claiming the winnings or is it tax free when gifting it to family as well? All replies are greatly appreciated

Tagged:

tax

lottery

gift tax

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