By Mark Reynolds •
Published: 08 Dec 2020 • 15:09
Tuesdays Euromillions lotto could be 200 million euros for one lucky ticket purchaser, but do they have to pay tax?
The misconception that all the money you win is free of tax has been around for a long time. Still, in this case, today Tuesday 8 December 2020 the draw is a whopping Two Hundred million euros so what can you expect the treasury to ask for, or should we say, take from the winnings?
Well, you can expect 20 per cent on average to disappear into the governments’ coffers of the total amount won.
The top prize ceiling before tax stands at 40,000 euros you pay tax after that is exceeded.
So expect to receive your winnings less Forty Million euros!
It is a staggering amount of tax, and there are still people who believe that, as it is a prize in a gambling based game that you should not actually have to pay tax as the companies who operate the game already pay tax on earnings as normal.
The reality is if a fortunate person wins this 200 million euro prize This Tuesday, December 8 they will be unquestionably paying a Forty (40) million euro tax bill.
Thank you for taking the time to read this news article “How much lotto tax”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
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