Anorak News | Taxman Wins Lottery

Taxman Wins Lottery

by | 12th, April 2007

FOR one lottery winner, Lady Luck was only out the door when the Grim Reaper popped in for a visit and now his family will have to pay the price.

The good news is that £3.5 million lottery winner Bob Bradley won the jackpot on his 83rd birthday in March of last year.

The less good news is that on Sunday morning the D-Day veteran died, leaving his family with the added inconvenience of a 40% tax bill on his winnings.

While lottery winnings are not taxed, gifts above a certain amount are treated by the taxman as earnings. Under Treasury rules, the maximum someone can receive as a single gift is £3,000 a year and anything above the first £300,00 of Mr Bradley’s winnings is taxed at 40%.

According to the Telegraph, Wales’ oldest jackpot winner spent his last months living large, splashing out on £70,000 cars, motor homes and businesses.

Posted: 12th, April 2007 | In: Money Comment | TrackBack | Permalink