Prize money abroad?

[dshiday]

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]

A competition for what

[JRG]

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.