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Buying a ticket to win a house

Chuzzle7

Would you buy a ticket worth 100euro with 8000 tickets being sold for a chance to win a house?

Does anybody know anyone who won a big prize like this?

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matchthis

I’d buy 7999 tickets and still not win

dockysher

My nephew recently won a x5 2019 bmw Jeep and 20 grand sterling in similar type of them raffles.
Was through rkings in UK.
That ticket cost 20 sterling, they run a few draws ever week.

GhostyMcGhost

Chuzzle7 wrote: »

Would you buy a ticket worth 100euro with 8000 tickets being sold for a chance to win a house?

Does anybody know anyone who won a big prize like this?

8000 x €100 is 800k. Let’s say for example the house is €400k, the organisers would get the the other half

A GAA club fund raising or some other good cause etc side I’d buy one for local support

If it’s some random lad trying to sell a phone, car or a gaff etc trying to take in a few extra quid on the sale, fook that, not having that

Strumms

It’s a pretty nifty gimmick.

Up to 800,000 in revenue....

House might cost 250,000

Associated costs for the period of the draw... 30,000 say.

Ballpark 520,000 profit on the draw ?

[Deleted User]

It’s a good deal better odds than the lottery.

Mr.Sir

Be better off buying €100 of cement.

Chuzzle7

Mr.Sir wrote: »

Be better off buying €100 of cement.

What will I do with €100 worth of cement? I can't afford the blocks, or the land to build a house.

Roscommon GAA ran this type of draw two years in a row. Made over the million. There's a lot of people out there that'll chance 100 euro.

Mr.Sir

Chuzzle7 wrote: »

What will I do with €100 worth of cement? I can't afford the blocks, or the land to build a house.

Did you ever hear of a thing called work and save?

[Deleted User]

Mr.Sir wrote: »

Did you ever hear of a thing called work and save?

He’s going to save a lot of concrete?

For the future concrete shortage I assume.

LawBoy2018

What are the tax implications of these raffles?

[Deleted User]

Why not?!
I had a ticket to win a house, didn't win the house but won an early draw, 2 nights B&B and one evening meal in a five star hotel.
Great win

[Deleted User]

LawBoy2018 wrote: »

What are the tax implications of these raffles?

Dunno. If they are legal lotteries then no tax I assume.

LawBoy2018

fvp4 wrote: »

Dunno. If they are legal lotteries then no tax I assume.

They're just random raffles so they don't come within the lottery win exemption.

Does the person selling the house pay CGT? Are there VAT implications?

Does the person who wins pay CAT?

Does the winner pay stamp duty?

Would love to find out.

Mr.Sir

fvp4 wrote: »

He’s going to save a lot of concrete?

For the future concrete shortage I assume.

He needs to change payment method if it’s concrete it his payment.

lintdrummer

Strumms wrote: »

It’s a pretty nifty gimmick.

Up to 800,000 in revenue....

House might cost 250,000

Associated costs for the period of the draw... 30,000 say.

Ballpark 520,000 profit on the draw ?

You're way off. First off we don't know the cost of the house but if it's a new build and it's anywhere near Dublin it's going to be closer to €500k.

Secondly the payment providers take a decent chunk of the revenue. Probably around 5%. So that would be €40k in this example.

Lastly selling 8000 tickets @ €100 a pop would be hard work and would need a lot of advertising. You could easily be looking at €30k for advertising and that would be on the low end.

Possibility that there's a donation to charity involved as well.

I ran a raffle website during lockdown as a bit of a project and even though it was reasonably successful I didn't make any money out of it. Costs are massive and you're competing with some well established sites with huge followings. Had to stop it as the laws were changed around Christmas and I wasn't invested enough to go about ensuring compliance.

Also I was driven demented by braindead posts like the above on my social media that ignore all the costs (advertising, web hosting, virtual office rent, PayPal fees etc.) and shout about how it's a scam and anyone running these raffles is creaming it in.

Chuzzle7

Mr.Sir wrote: »

Did you ever hear of a thing called work and save?

Ah yeah, what ordinary folks do and still can't afford a house.

[Deleted User]

LawBoy2018 wrote: »

They're just random raffles so they don't come within the lottery win exemption.

Does the person selling the house pay CGT? Are there VAT implications?

Does the person who wins pay CAT?

Does the winner pay stamp duty?

Would love to find out.

Depends on status of owner who is selling / raffling it

[Deleted User]

Mr.Sir wrote: »

He needs to change payment method if it’s concrete it his payment.

Dude. You suggested concrete.

Mr.Sir

fvp4 wrote: »

Dude. You suggested concrete.

Dude, did I suggest he was getting wages paid via concrete product?

WoollyRedHat

Mr.Sir wrote: »

Did you ever hear of a thing called work and save?

Buying cement is dead money.

[Deleted User]

LawBoy2018 wrote: »

They're just random raffles so they don't come within the lottery win exemption.

Does the person selling the house pay CGT? Are there VAT implications?

Does the person who wins pay CAT?

Does the winner pay stamp duty?

Would love to find out.

You assumption that the house lotteries aren’t authorised is probably false. You just assumed that and ran with it.
Since GAA clubs have fun lotteries it’s probably above board.

Ninthlife

Winnings from lotteries, betting etc are exempt from Capital Acquisitions Tax

But

I think if you won the house and sold it next day you would be liable for Capital Gains Tax @33%. Cost you purchased the house at would be 100eur vs sale price so a fair chunk in CGT.

There is the whole Principal Private Residence but its too late in the night to start thinking about that

[Deleted User]

Ninthlife wrote: »

Winnings from lotteries, betting etc are exempt from Capital Acquisitions Tax

But

I think if you won the house and sold it next day you would be liable for Capital Gains Tax @33%. Cost you purchased the house at would be 100eur vs sale price so a fair chunk in CGT.

Right. Which is what most people would do, except locals.

[Deleted User]

Mr.Sir wrote: »

Dude, did I suggest he was getting wages paid via concrete product?

No. Nobody did. You told him to save and buy concrete with the 100€. That’s what we are discussing.

Ninthlife

[Deleted User] wrote: »

Right. Which is what most people would do, except locals.

Would many non locals buy a ticket for a house in Roscommon from a GAA club..maybe GAAers would come to think of it

You may also no longer be considered a 1st time buyer.
I wouldnt mind seeing the legal paperwork on one of these 'lotteries'

Mr.Sir

fvp4 wrote: »

No. Nobody did. You told him to save and buy concrete with the 100€. That’s what we are discussing.

Yes and the next €100 he may save buy some 804 or a few blocks. This is basic building blocks to building a house.

LawBoy2018

fvp4 wrote: »

You assumption that the house lotteries aren’t authorised is probably false. You just assumed that and ran with it.
Since GAA clubs have fun lotteries it’s probably above board.

I'm not saying that they're not legitimate in any way, I'm just wondering if they'd come within the scope of section 613 TCA.

dxhound2005

Only one person had to concern themselves about the terms and conditions in the Roscommon draw. I hope they were a "natural" person. The other 99,999 lost their money.

https://winahomeinlondon.com/terms-and-conditions/

Ninthlife

No point arguing over hoping to win a house for 100eur or saving 100eur to buy cement or blocks to evenyuslly build the real solution is to marry into money......

I shouldve taken my own advice