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Gift from Lotto win - taxable?


zeb

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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?

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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

 

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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!
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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

 

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