Euromillions

IAMAMORON · 12-09-2019 1:41pm

I agree with everything already said. But it is the onus of the revenue commissioners to prove otherwise. They cannot prove that someone is or isn't part of a syndicate, no matter who signs the ticket.

As I stated earlier I believe you would be safe enough disponing gifts at the time you collect your winnings. The rev could never prove that this was not the first time the syndicate was created, nor can they prove how the syndicate shares the winnings.

12-09-2019 2:03pm

IAMAMORON wrote: »

I agree with everything already said. But it is the onus of the revenue commissioners to prove otherwise. They cannot prove that someone is or isn't part of a syndicate, no matter who signs the ticket.

As I stated earlier I believe you would be safe enough disponing gifts at the time you collect your winnings. The rev could never prove that this was not the first time the syndicate was created, nor can they prove how the syndicate shares the winnings.

If you don’t sign the ticket you are taxed, simple as that.

Fitz* · 12-09-2019 2:07pm

How about this as another work around to give friends and family money from the winnings, without running into the trouble of worrying people would want more money etc.

Take all the money for yourself, and then open multiple bank accounts. All joint-owner bank accounts and place a sum of money into that account. Just give each person access to their own joint account and let them spend it how they want.

4068ac1elhodqr · 12-09-2019 2:08pm

Kira Acidic Rainy wrote: »

If you don’t sign the ticket you are taxed, simple as that.

Win it first (130m/1 chance) then sign it, if it seems like a good idea after a chinwag and cuppa tae.

Anyway... he's something for you folks to print out for the notice board (fans of 'the Secret' {LOA}) may recongise it. Just fling me an aul spare million (or two) if it works for you on lucky Fri 13th as a result.

IAMAMORON · 12-09-2019 2:09pm

Kira Acidic Rainy wrote: »

If you don’t sign the ticket you are taxed, simple as that.

Says who ?

Is there a special signing section on the ticket?

What if I produce a signed affidavit saying otherwise?

weldoninhio · 12-09-2019 2:10pm

FitzShane wrote: »

How about this as another work around to give friends and family money from the winnings, without running into the trouble of worrying people would want more money etc.

Take all the money for yourself, and then open multiple bank accounts. All joint-owner bank accounts and place a sum of money into that account. Just give each person access to their own joint account and let them spend it how they want.

They'd be taxed on what they spent. Anything in their name could be repossessed if they didn't pay the tax on it and they'd be hit with fines.

IAMAMORON · 12-09-2019 2:11pm

FitzShane wrote: »

How about this as another work around to give friends and family money from the winnings, without running into the trouble of worrying people would want more money etc.

Take all the money for yourself, and then open multiple bank accounts. All joint-owner bank accounts and place a sum of money into that account. Just give each person access to their own joint account and let them spend it how they want.

Yeh great idea, the rev will love sending you warrants to check all those accounts, good luck with that. :rolleyes: Giving them an actual audit trail, sublime.

wiggle16 · 12-09-2019 2:12pm

I remember once I asked my ex could I used his laptop to check my euromillions ticket. I knew I hadn't won but entered the winning numbers, the screen lit up with loads of shooting stars and tickertape and "this is a winning selection!" and the jackpot amount. His face was priceless, he kept saying "what? What?? What? What does that mean? Does that mean... What??" and started hyperventilating.

And I wonder why I'm single now.

weldoninhio · 12-09-2019 2:14pm

wiggle16 wrote: »

I remember once I asked my ex could I used his laptop to check my euromillions ticket. I knew I hadn't won but entered the winning numbers, the screen lit up with loads of shooting stars and tickertape and "this is a winning selection!" and the jackpot amount. His face was priceless, he kept saying "what? What?? What? What does that mean? Does that mean... What??" and started hyperventilating.

And I wonder why I'm single now.

Another good one is to record the lotto the previous night. Get to the shop the next day and buy a ticket with the previous nights winning numbers. Then get someone to check your lotto ticket for you against the recording. No one ever checks the date at the bottom.

Fitz* · 12-09-2019 2:22pm

weldoninhio wrote: »

They'd be taxed on what they spent. Anything in their name could be repossessed if they didn't pay the tax on it and they'd be hit with fines.

IAMAMORON wrote: »

Yeh great idea, the rev will love sending you warrants to check all those accounts, good luck with that. :rolleyes: Giving them an actual audit trail, sublime.

And so what is the difference between that and lets just say for example my wife spending money from our joint account after I won the lotto as a sole winner and put it into our joint bank account?

IAMAMORON · 12-09-2019 2:39pm

FitzShane wrote: »

And so what is the difference between that and lets just say for example my wife spending money from our joint account after I won the lotto as a sole winner and put it into our joint bank account?

Absolutely no difference, and apologies for sounding like a wanker in my response. My point is that opening a bank account makes no legal difference when it comes to creating a tax liability. The money gets taxed no matter where it is. It is the distribution of the money that gets taxed, not the physicality of how it is distributed.

Apols again if I sounded like a chunt earlier, I didn't mean to.

dennyire · 12-09-2019 2:46pm

FitzShane wrote: »

And so what is the difference between that and lets just say for example my wife spending money from our joint account after I won the lotto as a sole winner and put it into our joint bank account?

No CAT on gifts to spouse

facehugger99 · 12-09-2019 2:51pm

I'm sure there are plenty of tax-efficient ways of transferring money to relatives that avoid CAT or at least significantly reduce the amount of CAT payable.

€160m will buy you the very best in financial advice.

Badly Drunk Boy · 12-09-2019 2:51pm

cichlid child wrote: »

I wonder how syndicates work when playing Euromillions online?
No signature just an email address.

I was wondering about that before but early last year, I won about €2000 on the Lotto online, and because it was over a certain amount (possibly €750), they don't put the winnings into your account. They send you a letter, asking to fill out a form to send back to them declaring your win, I suppose.

A few days after I sent the form back, a cheque arrived in the post. I presume some elements would be the same, except you could get your 'syndicate' to sign the form.

randd1 · 12-09-2019 2:53pm

Give everyone you want a "loan" of however much you want. Have them pay you back under €3000 grand a year.

Revenue can't do anything about it as technically the person you gave the money to is showing intent of paying it back. There's something about the €3000 mark as well, I think it's the maximum that doesn't incur charges, but you'd have to look that part up.

But definitely, Revenue can't touch the money if you're "paying" it back.

IAMAMORON · 12-09-2019 2:58pm

€ 3,000 is the annual gift exemption from an immediate relative. So if your Daddy gives you € 60 euro a week drinking money it is tax free.

It only exists from parent to child as far as I know.

Wheety · 12-09-2019 3:04pm

IAMAMORON wrote: »

€ 3,000 is the annual gift exemption from an immediate relative. So if your Daddy gives you € 60 euro a week drinking money it is tax free.

It only exists from parent to child as far as I know.

That's the gift allowance from anybody (including from parent to child). Anyone can pay anyone else €3k a year and it doesn't affect the lifetime limits. If I won the lotto, I can give any amount to my wife tax free. We could both then pay everyone we know €6k between us every year with no tax implications.

12-09-2019 4:38pm

IAMAMORON wrote: »

Says who ?

Is there a special signing section on the ticket?

What if I produce a signed affidavit saying otherwise?

Yes, there is a special section on the ticket where you sign it.

dxhound2005 · 13-09-2019 9:11pm

The dream is still on. No winner tonight of €164 million jackpot. I think I might opt out for next Tuesday. I don't want to be kidnapped.

4068ac1elhodqr · 13-09-2019 11:03pm

1/2 a Gazillion or so on Top-up Tuesday would make for a fairly decent weekend, then back to the gindstone the following Monday.

Possibly the biggest jackpot of the year so far.

Capt'n Midnight · 14-09-2019 12:12am

IAMAMORON wrote: »

€ 3,000 is the annual gift exemption from an immediate relative. So if your Daddy gives you € 60 euro a week drinking money it is tax free.

It only exists from parent to child as far as I know.

Or if you are rich you get an accountant to set up a fake company in the Channel Islands or somesuch that lends out the money and then they can pay it back in small instalments using some of the money.

IIRC a loan isn't income.

dxhound2005 · 17-09-2019 9:08pm

€175 million jackpot, but still no winner.

dxhound2005 · 20-09-2019 9:11pm

Still no winner on 20 Sept, after 18 draws. This is what happens next.

If the jackpot reaches the €190 million cap, all funds from ticket sales that would have pushed the top prize higher are rolled down into the next winning tier. The jackpot can roll over four more times, but if there is still no jackpot winner in the final draw - the fifth successive draw when the jackpot is €190 million - the full amount is split between the winners in the next tier. This potentially means that a number of multimillionaires can be made in a single draw.

dxhound2005 · 24-09-2019 9:16pm

Still no winner. Three with 5 + 1 got €5m each, none in Ireland.

Boscoirl · 24-09-2019 9:17pm

I got €5

4068ac1elhodqr · 24-09-2019 9:23pm

Another rollover?

Back to the drawing board. After x5 'max-prize roll-overs', think it gets dispersed (rolldown) to all and any whoever gets 5+1.
So a handful might get around 40mill each, decent enough.

Quantum Erasure · 24-09-2019 9:34pm

dxhound2005 wrote: »

Still no winner. Three with 5 + 1 got €5m each, none in Ireland.

i thought the jackpot was shared if not won tonight... i'm after spending a fortune on tickets

dxhound2005 · 24-09-2019 9:36pm

Quantum Erasure wrote: »

i thought the jackpot was shared if not won tonight... i'm after spending a fortune on tickets

Read post #114.

4068ac1elhodqr · 24-09-2019 9:49pm

Quantum Erasure wrote: »

i thought the jackpot was shared if not won tonight... i'm after spending a fortune on tickets

A heavy investment in a 139,838,160/1 risk (subject to division), simply isn't advised.

Even at 190m the 'cost:reward' ratio is skewed.

Should only view this even as a lucky-dip entertainment event, even when I'm availing of a decade of hard data, various prediction methodology, other non-quantitive techniques, and the more practical LOLNs for P+ of <5%circa it will be 5lines max purchase.

dxhound2005 · 27-09-2019 9:28pm

No winner of the €190 million. Four with 5 + 1 got €4.7 million each, none of them in Ireland.

Euromillions

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