If I register my family in a Lottery syndicate and share any winnings are they exempt from tax. Is this a way of legally beating the taxman?
2006-09-30 21:55:38 · 10 answers · asked by Tallboy 4 in Business & Finance ➔ Personal Finance
all UK lottery winnings are tax free
2006-09-30 22:07:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Lottery Syndicate Tax
2016-12-12 08:56:58 · answer #2 · answered by ? 4 · 0⤊ 0⤋
no tax is paid on lottery ticket winning because the tax is paid at source, the syndicate has to be properly set up or when the syndicate claims the money and distributes it there will be tax problems.
Using this to pass money without tax is tricky, if you buy thousands of lottery tickets each week for the syndicate then there will be the suspicion of money laundering, also you would lose more money to the lottery than you would in tax, the odds on winning are stacked against you.
2006-09-30 22:09:08 · answer #3 · answered by only1doug 4 · 1⤊ 0⤋
Syndicate winnings are exempt of capital gains tax, but only if you have an agreement drawn up with everyone's name on it.
Basics are how money is collected, what happens if you don't pay for a certain time, how winnings will be split (if someone pays more in, etc)
Then all sign it (maybe next to your own name).
GOOD LUCK
2006-09-30 23:07:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
winnings are tax free, but i think if u deposit winnings into your account and then share out that's seen as a gift and that may be taxable. Register as a syndicate manager with Camelot (they will send you the paper work) and have a dedicated syndicate account, that should fix it fine.
2006-09-30 22:08:44 · answer #5 · answered by just-dave 5 · 0⤊ 0⤋
Winnings are exempt from tax! You can win it all yourself and not have to give any to the taxman!
2006-09-30 22:05:16 · answer #6 · answered by anchan 4 · 0⤊ 0⤋
sounds like it could work but make sure you have a decent Syndicate agreement drawn up and signed by family members.
You will more than likely need to do an equal split between members.
When are you planning to win?
good luck
2006-09-30 22:10:36 · answer #7 · answered by Tetanus Tim 3 · 0⤊ 0⤋
all long as u have draw up a correct syndicate statement which is signed by all parties it is tax free
2006-10-01 02:02:52 · answer #8 · answered by Daniel P 2 · 0⤊ 0⤋
They are not allowed to tax any winnings. So all is tax free!
2006-10-01 01:06:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No , surely not because it is earning and all earnings are taxable.
2006-09-30 21:59:25 · answer #10 · answered by hm_pearl 3 · 0⤊ 1⤋