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Lotto Syndicate question

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  • 25-01-2017 1:36pm
    #1
    vapor trails
    Registered Users Posts: 384 ✭✭


    Seen as the Euromillions was won last night I figured I would ask this question because I always wondered about the answer.

    If you were to win the Lotto is there any rules which govern syndicates ?

    For instance I'd imagine a huge amount of lotto winners would be a sole ticket holder who realises that he needs to sort his family out. If an individual declares that he/she is the sole ticket holder and claims the jackpot there would significant tax implications if subsequently he/she wanted to divy money around to family members after the money has hit his acc.

    Can a winner get his affairs in order and go to the lotto saying I have a syndicate made up of the following stake holders.

    Cousin A .3%
    Cousin B .3%
    Cousin C .3%
    Aunty A .5%
    Aunty B .5%
    Uncle A .5%
    Uncle B .5%

    Brother A 8%
    Brother B 8%
    Parent A 8%
    Parent B 8%


    Is there a minimum percentage a syndicate member can hold ? Is it a minimum 1 line ? Say for instance if the winner holds 3 tickets of 6 lines each making up 18 lines in total....is the minimum syndicate member share 1/18th of the Jackpot or can the Syndicate be broken into whatever percentage and numbers of individuals the winner likes ?


Comments

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    #2
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    I thought that anyone who signed the bank of the ticket could receive a part of the winnings tax free. The actual percentage received is for the winners to decide based on the rules of that syndicate.


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    #3
    vapor trails
    Registered Users Posts: 384 ✭✭vapor trails


    amcalester wrote: »
    I thought that anyone who signed the bank of the ticket could receive a part of the winnings tax free. The actual percentage received is for the winners to decide based on the rules of that syndicate.

    It's interesting you say that because there is this ongoing case out west. One family member who signed the back of the ticket claimed he did not receive his equal percentage of the dividend. It could have possibly been that a verbal agreement on the day of collection was - "let's all sign the back of the ticket but your getting 10% and everyone else is getting 20%".

    The 10% holder is delighted to get anything and says yeah thanks very much. A few months later after a family falling out the guy realises nobody ever wrote anything down to say he was not a equal syndicate shareholder and the optics from a legal standpoint is that he is just one of X number of signatories on the back of the tickets.

    If you happened to be lucky enough to face the problem and you want to share the winnings with your extended family you could have up to 100 signatures on the back of the ticket !


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    #4
    dinneenp
    Registered Users Posts: 8,108 ✭✭✭dinneenp


    Hope it's OK to jump on this thread.
    If you play online what's there to sign?
    And IF win what's to stop the taxman saying you owe tax as no proof that you were in the syndicate?


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    #5
    filbert the fox
    Registered Users Posts: 809 ✭✭✭filbert the fox


    dinneenp wrote: »
    Hope it's OK to jump on this thread.
    If you play online what's there to sign?
    And IF win what's to stop the taxman saying you owe tax as no proof that you were in the syndicate?

    there is a philosophy in the west that you are innocent till PROVED guilty


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    #6
    jacool
    Registered Users Posts: 3,809 ✭✭✭jacool


    dinneenp wrote: »
    Hope it's OK to jump on this thread.
    If you play online what's there to sign?
    And IF win what's to stop the taxman saying you owe tax as no proof that you were in the syndicate?
    If you play online it won't work as a syndicate, afaik.
    The person who buys online will be the only one getting a tax free win!
    Better off in the shops.
    Also, its the syndicate form, (which should also be signed by all players) that dictates the % winnings for everyone.
    I run a few syndicates and the words "duck's" and "arse" are relevant, when getting the rules set out.


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