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Gift tax on lottery winnings

  • 10-11-2014 8:16pm
    #1
    Dyl_c_m
    Registered Users, Registered Users 2 Posts: 2 ✭


    I've started playing the lotto recently. Being underage 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 :)


Comments

  • #2
    Joe Doe
    Closed Accounts Posts: 559 ✭✭✭Joe Doe


    Definitely bound to win around a few million euro (circa), feel it's 'almost probably certain' if not this weekend, likely mid-next week.


  • #3
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,685 ✭✭✭barneystinson


    Dyl_c_m wrote: »
    I've started playing the lotto recently. Being underage 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 :)

    Yeah.... on the good side, you're unlikely to be faced with this conundrum.... ;)


  • #4
    filbert the fox
    Registered Users, Registered Users 2 Posts: 809 ✭✭✭filbert the fox


    Dyl_c_m wrote: »
    I've started playing the lotto recently. Being underage 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 :)

    Following Revenue's announcement today about your the mother in law looking after your kids and making a return in relation to this Don't Assume that the gift is tax free.

    Each member should sign the back of the ticket and then the tax doesn't kick in.
    :D


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