Winning the lottery - Guide for gifts

[MarillionFan]

Lets say in theory you had a biggish type win on the National Lottery or Euromillions lottery & because of the size of your win you wanted to give some away to friends & family.

Let's say you won a sum over the weekend, lets call it say £4,324,174 & you wanted to give 300k to your brother, 300k to your sister and then £1m to your parents, and then some £50k for another few friends, keeping around £2.3 million for yourself (you dont want to be greedy)

Would they all have to pay tax? And if so what would be a better way to gift it?

[Moscow Mule]

Buy their houses of them, and let them live for a peppercorn rent.

[Old Hack]

Lets say in theory you had a biggish type win on the National Lottery or Euromillions lottery & because of the size of your win you wanted to give some away to friends & family.

Let's say you won a sum over the weekend, lets call it say £4,324,174 & you wanted to give 300k to your brother, 300k to your sister and then £1m to your parents, and then some £50k for another few friends, keeping around £2.3 million for yourself (you dont want to be greedy)

Would they all have to pay tax? And if so what would be a better way to gift it?

No, as long as you actually won the lottery. HTH BIDI.

In seriousness, you can gift anything, as long as you live for 7 years afterwards.

[minestrone]

All it does is cause fights in families, as I seen in mine.

[Cliphead]

Premium bonds.

[AtW]

Would they all have to pay tax? And if so what would be a better way to gift it?

AFAIK no tax on such gifts in UK for the person who gets them, but if the person who GAVE them dies within 7 years then such gift would be subject to the death tax.

[mudskipper]

So a good incentive for them not to bump you off.

[AtW]

So a good incentive for them not to bump you off.

Only if tax due would exceed what MF left for himself

[SueEllen]

All it does is cause fights in families, as I seen in mine.

WHS

I would give them SFA especially friends and siblings.

[doodab]

I wouldn't even tell anybody. Even if it was silly money like £100 million. I'd just pretend to go to work every day, trundle off from my crappy little house to my pad in paradise and post crap on CUK all day.

Probably.