Bringing everyone along on a lotto win

listermint

You win the mega lotto win let's say 100 million.

Due to tax laws you are limited to gifts you can bestow on your family and friends.

What novel ways would you come up with to allow these people come along on the lotto journey.

Give everyone a credit card you top up and let them knock themselves out ?

Buy houses for everyone and rent back 1 euro per year on a 7000 year lease ?





Note this is not meant as a guide to avoid liabilities but could be a novel approach

Ken.

listermint wrote: »

Buy houses for everyone and rent back 1 euro per year on a 7000 year lease ?

You can't do this. To keep it simple lets say average rent in an area is €10 per year and you buy a house and rent it to your brother/sister/cousin/friend for €1 per year. Revenue see the €9 as a gift from you to them and tax it accordingly. Think it's 33% but could be wrong.

Atlantic Dawn

You just write everyones name on the back of the ticket and give them as much as you like tax free. The amount can be divided up whatever way you want tax free once each person to benefits name is on the back.

Corb_lund

You'd start a trust. Can write off my money then in expenses, salaries etc

Good way to set up for generations.

In Ireland, if you write each beneficiary's name on the winning lotto ticket, they can't be followed for tax.

listermint

Corb_lund wrote: »

You'd start a trust. Can write off my money then in expenses, salaries etc

Good way to set up for generations.

Trusts indeed.

That's the most novel way so far.

Writing names on tickets is boring

frozenfrozen

how does the writing names thing work? couldn't they claim they want 1/3rd of the money etc and that it was a syndicate?

Guy:Incognito

Always wondered could you avoid the gift tax by doing it like shares. Rock up at the lotto office with your whole family and anyone you'd be giving a significant amount to and say " well I'm 90% of the syndicate and these 20 people make up the other 10%in various amounts".

Edit, beaten to it.


I've already told my mate if I win that sort of money he's going to be learning to be captain of a long range yacth I'll pay him a few grand a week.

Something like this https://www.burgessyachts.com/en/sale-purchase-category/yachts-for-sale/motor-yachts/titan-00006801.html . Then a house in Ireland, maybe the canaries and somewhere like Florida and maybe hawaii should cover me

Atoms for Peace

I'd desown the lot of them, who needs friends and family when your filthy rich?

ytpe2r5bxkn0c1

The lotto actually advise winners to allocate a percentage share of their win to those they wish to share in the win. You don't actually have to have tickets signed.

freshpopcorn

If say they'd be a good few ways you could jiggle things around if you wanted. You'd just won something up front or a hit of creative accounting.

Signore Fancy Pants

Open up a bank account for each person and deposit a set amount.

Give them the account details and card.

Voila.

ytpe2r5bxkn0c1

Chewbacca wrote: »

Open up a bank account for each person and deposit a set amount.

Give them the account details and card.

Voila.

Still constitutes a gift an liability for tax as a result.

Signore Fancy Pants

Malakai Green Oboist wrote: »

Still constitutes a gift an liability for tax as a result.

Fcuk this place anyway.

Tax crazy d!cktards!

SEPT 23 1989

It's the tiger kidnappings that would concern me more than the tax implications

mikemac2

listermint wrote: »

Buy houses for everyone and rent back 1 euro per year on a 7000 year lease ?

Ain't gonna work. The Revenue would dare ya to even try

dxhound2005

Only stupid people do the Lotto (tax on the stupid). So they would have to get some clever person to tell them.

ytpe2r5bxkn0c1

It's simple. Just give a share at the time of collecting the win and they all qualify tax free.

SEPT 23 1989

mikemac2 wrote: »

Ain't gonna work. The Revenue would dare ya to even try

With a 100 million in my account I would tell Revenue to go **** themselves from the safety of a small island somewhere in the Maldives

dxhound2005

SEPT 23 1989 wrote: »

With a 100 million in my account I would tell Revenue to go **** themselves from the safety of a small island somewhere in the Maldives

It won't be there for long. Global warming.

Canis Lupus

Atoms for Peace wrote: »

I'd desown the lot of them, who needs friends and family when your filthy rich?

Well just don't tell anyone, you don't need to disown them. Admittedly it might be hard to explain to said friends and family why you now live on a private island in the Caribbean.......

naughtysmurf

Malakai Green Oboist wrote: »

Still constitutes a gift an liability for tax as a result.

Could you not open a number of current accounts in your own name with different banks, with no overdraft facility & just give them a debit card, who'd know?

WoollyRedHat

Buy an island and make it a tax haven. Saw it on TV.

Pauliedragon

Give them cocaine instead of cash. Surely they can't tax that. If they get busted you can afford top lawyers to get them off.

BENDYBINN

mikemac2 wrote: »

Ain't gonna work. The Revenue would dare ya to even try

Really?
So if I own a house and let my son live in it rent free he can be taxed?

Are Am Eye

naughtysmurf wrote: »

Could you not open a number of current accounts in your own name with different banks, with no overdraft facility & just give them a debit card, who'd know?

On a similar theme there is bin liners full of cash - one for everyone.

Canis Lupus

BENDYBINN wrote: »

Really?
So if I own a house and let my son live in it rent free he can be taxed?

I guess they'd need to be alerted to the fact so i fyou just let him live there I doubt anyone would ever care. After you're dead it might get more awkward tax wise.

mickdw

Just maybe give them gift of cash and sufficient additional cash to pay the tax on it.
By my reckoning, if you wanted to gift a friend 100,000 after taxes, you would need to give just under 140k.

SEPT 23 1989

Would a treasure hunt for gold bars with very accurate maps be a solution to stop that pesky Revenue?

mad muffin

Open offshore bank accounts/shell companies . Works for Bono and his ilk.

Are Am Eye

SEPT 23 1989 wrote: »

Would a treasure hunt for gold bars with very accurate maps be a solution to stop that pesky Revenue?

I think any kind of competition for cash needs a licence or gaming licence.

Archeron

Ask your friends and family to draw their favorite animals, and then buy these wonderful priceless works of art for your private gallery.

Are Am Eye

Archeron wrote: »

Ask your friends and family to draw their favorite animals, and then buy these wonderful priceless works of art for your private gallery.

VAT

SEPT 23 1989

Are Am Eye wrote: »

I think any kind of competition for cash needs a licence or gaming licence.

I will have to see Senetor Pat Geary about that

Allinall

listermint wrote: »

Note this is not meant as a guide to avoid liabilities but could be a novel approach

You have all missed the obvious hint in the OP.

Get them all to write a novel, and buy them for €€€€€.

Artists exemption.

Simples.

Capt'n Midnight

Get them to write a poem or make an art , 50 grand a year tax exemption

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/income-and-employment/artists-exemption/index.aspx

Guy:Incognito

Chewbacca wrote: »

Fcuk this place anyway.

Tax crazy d!cktards!

Sure every job would do that if it was that easy. Split the difference between gross and net with the employee and both get half the tax.

Guy:Incognito

SEPT 23 1989 wrote: »

It's the tiger kidnappings that would concern me more than the tax implications

They'd need a good boat to get me

Guy:Incognito

Canis Lupus wrote: »

Well just don't tell anyone, you don't need to disown them. Admittedly it might be hard to explain to said friends and family why you now live on a private island in the Caribbean.......

I'd try lay low for a bit till someone won a much smaller amount and didn't got public then claim that was me .

RustyNut

SEPT 23 1989 wrote: »

It's the tiger kidnappings that would concern me more than the tax implications

Ah would you not give up doing the oul tiger kidnappings even if you won the lotto??

Jet Black

Deleted User wrote: »

In Ireland, if you write each beneficiary's name on the winning lotto ticket, they can't be followed for tax.

I would say this happens a lot. Only problem is if there is greedy fecker who claims he is entitled to more than you want to give them and then the lottery decide to not give you anything until the matter is dragged through the courts.

SEPT 23 1989

RustyNut wrote: »

Ah would you not give up doing the oul tiger kidnappings even if you won the lotto??

No amount of money would replace that rush

Are Am Eye

Ten Pin wrote: »

There'd be no need to kidnap a tiger, just buy one instead.

What kind of kidnapper are you?

Who you going to send a ransom note to when you buy a Tiger?

listermint

dxhound2005 wrote: »

Only stupid people do the Lotto (tax on the stupid). So they would have to get some clever person to tell them.

A Poor Clever person

kubjones

What would be the story if I bought something, said I used it and then gave it to friends/family? Is that still a gift worthy of taxing?

Admittedly I know feck all about this and with aspirations of one day winning, tips would be greatly appreciated.

valoren

As if anyone winning 100 million+ would be bothered their holes living in Ireland.

Are Am Eye

valoren wrote: »

As if anyone winning 100 million+ would be bothered their holes living in Ireland.

Yes, and you'd replace your loser family and friends with a court of sycophants, groupies and hangers on. Your new San Marino "friends"

Berserker

What level of taxation would you be subject to if you decided to move the whole lot out of Ireland if you won it? My first thought would be to hire a top class financial consultant who would get the money out of Ireland asap. Get the lotto to pay it into a non-Irish account. The banks here take a tasty chunk for "managing" the transfer, I hear.

Setup your own lotto, give winning ticket to family memeber repeat weekly untill everyones paid.

ohnonotgmail

Deleted User wrote: »

Setup your own lotto, give winning ticket to family memeber repeat weekly untill everyones paid.

you need a licence to run a lotto.

ohnonotgmail

ohnonotgmail wrote: »

you need a licence to run a lotto.

ok get one of them first