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Lotto syndicate help

  • 05-12-2019 2:15pm
    #1
    Registered Users Posts: 22 Horchata


    Hi all

    hoping someone knows a bit about this as i cant find anything online.

    we have a lotto syndicate in work and some people who have left the company/retired have stayed in it and paid their money in advance to cover their weekly buy-in.
    We want to close this syndicate and start a new one because we have new staff and we want to start a brand new syndicate with current staff only.

    What rules need to be followed with regards to the people who have left the company? Are we allowed close the syndicate and thats it, or would they have any recourse should we win money at a later date?
    Does there need to be a vote to close a syndicate? :confused:

    Thanks in advance


Comments

  • Closed Accounts Posts: 9,586 ✭✭✭ Isabelle Great Treasury


    Horchata wrote: »
    Hi all
    hoping someone knows a bit about this as i cant find anything online.

    we have a lotto syndicate in work and some people who have left the company/retired have stayed in it and paid their money in advance to cover their weekly buy-in.
    We want to close this syndicate and start a new one because we have new staff and we want to start a brand new syndicate with current staff only.

    What rules need to be followed with regards to the people who have left the company? Are we allowed close the syndicate and thats it, or would they have any recourse should we win money at a later date?
    Does there need to be a vote to close a syndicate? :confused:

    Thanks in advance
    By the sounds of it, you only have an informal 'verbal' agreement (of sorts), which would likely still hold valid regardless, as an actual 'agreement'.

    To prevent any upheaval simply let it 'play out' but inform in advance any ex-staff, that the group (by majority decision) has decided not to renew their participation at time of next payment.

    Also put this clause in any future syndicates (that of 'current employees' only, with refunds due before 6pm upon any leave date).

    The best way to ensure your winnings are tax-free (main advantage of such plans), is to set up a 'syndicate agreement'. Formal, written and signed (also with witness signature).

    This creates a formal document with names of players. Having such an agreement in place helps prove to the tax man that payments made to syndicate players aren’t ‘gifts’.
    Also photograph and group-email any such document as further proof of agreement, same for updates. Set out whatever terms you want, as long as they're generally fair and considerate 'majority' views.

    Agree who the manager is (they should be the one that singularly collects the prize, before distribution).
    Which games, draws, how many lines will be played?
    How and when will payments be made?
    What happens if someone misses a payment?
    What happens if someone leaves the company?
    How and when will prizes be shared – or will they be reinvested?
    Will the group want publicity* in the event of a big win? *important*
    How will the group communicate a large win – and to who?

    Ticket signing could wait until official collection (activation) at lotto offices.
    You'd always be concerned about someone with jam fingers and a mug of brew making a big mess of such a big multi-line ticket.


  • Registered Users Posts: 22 Horchata


    Thanks a lot for that, much appreciated!


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