Tag Archive: winnings

Do you pay tax on Prize Money?

Posted 9th March 2021 at 11:42 am

If you’re lucky enough to win big money, your first thought is unlikely to be about your tax responsibilities, but more likely to be about how you’re going to spend it!   At some point down the line, however, it is of course important to consider the tax implications of winning money. Fortunately, the rules are not too complicated if you win money that is unrelated to your profession – for example from gambling, the lottery or a radio phone-in competition. In these circumstances, you do not have to pay tax.   If, however, you win a prize or award... Read more