At some point, it’s likely you’ve daydreamed about what you would do with your winnings if you were to strike lucky and win a lottery. Apart from the obvious expenditures, such as potentially paying off part of your mortgage, treating yourself to a fancy car, booking the holiday of a lifetime or even turning your dreams of setting up your own business into a reality, giving some of your winnings to your family, friends or a charity has probably crossed your mind too.
But who exactly can you share your lottery winnings with, and are there any implications if you decide to generously split the jackpot with your nearest and dearest or to a charitable cause? Keep reading to find out more.
Can I share my lottery winnings with my family?
If you were to be lucky enough to hit the jackpot, you might want to share your winnings with your immediate family, such as your parents, children or even your siblings. Depending on how much you win, you might want to pass some of the money to your closest relatives so that they are able to live a more financially stable and comfortable life.
However, while UK lottery winnings are tax-free, if you choose to split your prize money with those closest to you, they may be required to pay Gift Tax on the money they receive. There are also some tax-free limits depending on how much money you choose to give to your family members, and your relationship to the recipient may be taken into account too. You can find out more about Gift Tax on the government website or by speaking to a professional financial adviser.
Can I give lottery winnings to friends?
Aside from your family, you might want to share your winnings with your friends too. However, it’s important to note that the same rules apply as above. While you as the winner will not be required to pay any tax on the money you win, your friends may be required to pay Gift Tax on whatever amount you decide to pass onto them. The same applies in terms of inheritance tax too.
Can I donate lottery winnings to charity?
Winning the lottery jackpot gives you the fantastic opportunity to give back to those who need it most, and the good news is, there’s nothing stopping you from donating some, or even all, of your winnings to a charitable cause. Plus, donations of any size to charity are completely tax free.
To really help those in need, why not enter a charity lottery? This gives you the chance to not only win a cash prize, but you’ll also be donating money to a great cause at the same time. Age UK Weekly Lottery offers lottery entries for just £1, and a proportion of your entry is donated directly to our charity which offers support to vulnerable older people right across the UK. With your donation, Age UK is able to continue to work tirelessly to combat loneliness, as well as conduct vital research, provide expert information and advice, support local communities and much more.
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