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Where Taxpayers and Advisers Meet

Prize money abroad?

dshiday
Posts: 1
Joined: Thu Apr 18, 2019 2:14 am

Prize money abroad?

Postby dshiday » Thu Apr 18, 2019 2:23 am

Hello,

I know that lottery winnings in the U.K isn't taxed. However, is this the same for PRIZE winnings abroad? I want to enter a competition abroad to win potentially up to 1million US dollars. If I do end up winning, will I be taxed? If so, how much? Again, I'd like to make it clear that it isn't a lottery but a competition prize money.

Thank you

darthblingbling
Posts: 213
Joined: Wed Aug 02, 2017 9:09 pm

Re: Prize money abroad?

Postby darthblingbling » Thu Apr 18, 2019 8:23 am

A competition for what

JRG
Posts: 414
Joined: Wed Feb 03, 2010 4:40 pm

Re: Prize money abroad?

Postby JRG » Sat Apr 20, 2019 1:04 am

As far as I know any money you win from a lottery/competition abroad would be taxed, or not taxed, dependent on that country's rules. If it is taxed then you should receive the net value. I suggest you review the competition rules to determine how the competition promoters deal with matters in the case of a winner from abroad.


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