Pretty sure they won't be picking up the winnings.
I think the winners will either have to accept a small percentage (obvs still a pooh tonne of cash) or staggered payments over the next X years.
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[Finance] EuroMillions £105m won by Sussex couple
- Thread starter Weststander
- Start date
Pretty sure they won't be picking up the winnings.
I think the winners will either have to accept a small percentage (obvs still a pooh tonne of cash) or staggered payments over the next X years.
Bob!
Coffee Buyer
- Jul 5, 2003
- 11,631
When you say 'small percentage'......
The $1.28 billion prize is for winners who choose the annuity option, paid annually over 29 years. Most winners opt for the cash option, which for Friday night’s drawing was an estimated $747.2 million (£623.3m).
https://www.itv.com/news/2022-07-30/ticket-holder-wins-nearly-13-billion-in-us-mega-millions
Exactly!
Weststander
Well-known member
- Thread starter
- #105
What a wretched decision to have to make.
GingerBeerMan
3-0
- Dec 29, 2011
- 8,204
$700m invested at 5% over 29 years is $2.1bn. No brainer.
- Jul 7, 2003
- 47,630
Maybe you could ask him to drop poor, poverty-stricken Manchester City a few quid.
B-right-on
Living the dream
I think lottery winnings in the USA are taxed so he'll have a heck of a tax bill.
Correct. You would lose approximately another 1/3rd. Thereafter any profit made on investments would be taxed as well.
Fridays winning ticket came from Illinois. and was the second highest. The highest winner ($1.54B) came from South Carolina a few years ago.
Lyndhurst 14
Well-known member
- Jan 16, 2008
- 5,242
Always thought the total displayed for the Mega Millions Jackpot in newsagents is very misleading, as after you take in to account the single cash payment rather than the per annum option (which everybody seems to go for) and the tax due, the figure being shown is virtually halved. All of that is explained in the small print but Americans really don't do small print.
I know the UK lottery tends to produce much smaller payouts by comparison but I think it's much more honest as what you see is what you get.
I know the UK lottery tends to produce much smaller payouts by comparison but I think it's much more honest as what you see is what you get.
B-right-on
Living the dream
Weststander
Well-known member
- Thread starter
- #113
Another lucky so and so.
Well, hey! I've just won £2.70, so sod them!
Weststander
Well-known member
- Thread starter
- #115
How much of £171m would you ultimately keep in the family?
For me, shirley £5m or £10m invested sets several generations fair.
Then huge charitable donations / helping those in real need.
I’ve never heard of mega lottery winners in the UK doing anything like that. I could be wrong. I wonder if an instinct to keep it largely in the family and friends kicks in?
Yes, huge chunks would go straight to charity - I simply wouldn't be comfortable with that much money. A few millions I could use, sure, but that many? No!
B-right-on
Living the dream
I didn't realise until recently that if you win and decide to give away money to family and friends, whilst you won't pay taxes on the winnings, they have to pay income tax on the money you give them.
banjo
GOSBTS
Stupid money, I’m not sure it would make you that happy winning that amount.
schmunk
Why oh why oh why?
That's not true.
There a potential charge to Inheritance Tax if you cark it within 7 years of the gift, but other than that nothing, nada, bupkiss.
