zeb Posted April 4, 2005 Share Posted April 4, 2005 Hi - a family member has won a few quid on the Lotto in the UK and is gifting some to relatives and friends. This hasn't actually reached our (UK) bank account yet and, whilst not going to change our lifestyle here in France much (still got to work), will keep us in wine for a couple of years.Are gifts taxable and will we have to declare it next year (in either the UK or France)? Or can we just spend it and pretend it didn't happen? Link to comment Share on other sites More sharing options...
Val_2 Posted April 5, 2005 Share Posted April 5, 2005 We did the french Lotto first time sat night and won..........1,08€ for three numbers. Suppose we will have to pay tax on that when we collect it!! Link to comment Share on other sites More sharing options...
mascamps.com Posted April 6, 2005 Share Posted April 6, 2005 I don't think French lottery winning are taxable. If that's the case, then neither will wins on any European lottery.If you win serious cash, you might get hit with the wealth tax. However, seeing as the starting point for that is 700.000€ or so, it might be a good time to consider changing country Arnold Link to comment Share on other sites More sharing options...
LesLauriers Posted April 7, 2005 Share Posted April 7, 2005 My book says that "Gifts" are taxable if you have been a French tax payer for 6 of the previous 10 years and further that the tax is only payable on gifts that require legal formality, for example transfer of property ownership.From that I would say, no it is not taxable if you do not meet the above criteria.Val 2: As I understand it French & UK lottery wins are tax free, Premium Bond wins are taxable because you can get your stake money back and to French eyes it is an investment not a gamble! Arnold: If your total wealth went up to 1,000,000€ you would only pay 1540€ in wealth tax, so please, let me be in a position where I have to pay! Link to comment Share on other sites More sharing options...
mascamps.com Posted April 7, 2005 Share Posted April 7, 2005 I've heard elsewhere that National Savings aren't reporting PB wins as per the savings directive therefore they regard them as a lottery. Under European law, the nation running the "lottery" is the one that defines it as a lottery, therefore PB wins wouldn't be taxable in France because it is considered a lottery in the UK. I guess National Savings take the view that you're betting the interest on your money which, in most cases, you will lose. Arnold Link to comment Share on other sites More sharing options...
LesLauriers Posted April 7, 2005 Share Posted April 7, 2005 I think you will find that Premium Bond wins are taxable in France and that the French tax office are not worried about the UK view!!! Link to comment Share on other sites More sharing options...
mascamps.com Posted April 7, 2005 Share Posted April 7, 2005 Possibly, but then they are subject to European law. If the UK consider that the Premium Bonds are a lottery, then under European law it is a lottery and subject to whatever tax the French lottery is subject to, which, I think, is none. Arnold Link to comment Share on other sites More sharing options...
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