What to Do About Tax Issues
When you win a large lottery prize in the UK, you will have the chance to speak to experienced advisors who have guided other lucky players through what to do with their newfound wealth. They will be able to point you in the direction of financial experts and will recommend the most appropriate banks for you to open an account with based on your own circumstances.
With regards to the issue of IHT, it is a good idea to think carefully about the timing of any gifts you plan to make, and then keep a record of any payments. Your financial advisor will also speak to you about the tax on your interest and discuss possible investments to give you the maximum benefit. It may be a complicated topic, but any advice you receive will be tailored to your own personal situation and one very positive aspect is that your prize will not be subject to the same sort of tax laws as it would be in other countries.
Play EuroMillions in Advance
In order to avoid missing out on winning a life-changing EuroMillions prize, you can ensure you have bought your entries before you leave by buying tickets in advance to cover the draws that will be held while you are away. All member nations offer this facility to ticket holders. See the table below for details:
|Austria||Can subscribe for up to 20 draws in advance|
|Belgium||Can subscribe on a continuous basis|
|France||Can subscribe on a continuous basis|
|Ireland||Can subscribe for up to eight draws in advance|
|Luxembourg||Can subscribe for up to ten draws in advance|
|Portugal||Can subscribe for up to 12 draws in advance|
|Spain||Can subscribe on a continuous basis|
|Switzerland||Can subscribe on a continuous basis|
|UK||Can subscribe on a continuous basis via Direct Debit|
EuroMillions Taxes vs Other Lotteries
EuroMillions offers some of the largest jackpots in the world, and the fact that prizes are not taxed in six of the nine countries makes it stand out even more in comparison with some of the other big lotteries.
American games such as Powerball and Mega Millions, for example, have tax obligations at both a state and federal level, so although these games regularly offer the biggest jackpots out of any lottery in the world, the payouts can end up significantly lower than the pre-draw estimate.
New Yorkers suffer heavier taxes than anyone else in the U.S. In August 2018, one player from the state won a Powerball jackpot advertised at $245.6 million, but they ended up walking away with a significantly lower sum. They opted to take a cash lump sum of $147 million, which worked out as a final payout of $99.4 million – around 40% of the advertised jackpot – after taxes had been deducted.
In EuroMillions, you will be given the specified amount with no deductions if you play in a country which does not tax winnings, such as the UK. The UK player who anonymously claimed £121 million in April 2018, for example, received a much larger payout than the $245 million Powerball winner, even though at first glance it would seem they had not won as much.
How My Million Works
A My Million code is automatically generated for every line of EuroMillions numbers purchased. There is no extra cost to enter the game.
Shortly after the main EuroMillions draw, one unique My Million code will be selected at random from all of the codes purchased for that particular draw. From time to time, special editions of My Million are held in which multiple prizes of €1 million are given away.
The odds of winning a My Million prize will vary from draw to draw as they are dependent on the number of EuroMillions tickets purchased, rather than correctly matching the numbers drawn in the main EuroMillions game.