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Dreams of freedom
Key points
- Make sure lottery syndicates have an agreement in place to ensure winnings are tax free.
- Lottery winners should update their wills.
- New charitable foundations require a notice of approval from the Charity Commission for the inheritance tax exemption to apply.
- Make use of the tax breaks for investments.
- Winners may not have had to file returns before but are likely to have to do so after investing their winnings.
There have been more than 5 700 millionaires made by the UK National Lottery games since its creation in November 1994 but what would you or your clients do with their winnings? Although this article principally concerns considerations that can be given to tax and investment for large lottery wins many of the same issues will...
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