Would you’ve to pay tax on the money if you won the lottery jackpot?

AFAIK, winning from the UK National Pottery DON'T incur tax (although winnings in general DO!)

That said, you WILL have to pay tax on the interest earned

Edit:

read this… (Nat Lottery Q&A)

http://www.national-lottery.co.uk/player…

“ARE MY WINNINGS TAX FREE?

Normally winnings are not subject to tax.”

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Answer:
hi you dont have to pay taxes on the lottery money but if your in a syndicate and its not all written down and all people have signed it then you pay tax and its a huge amount almost a quarter of the money won

you also pay tax on money you give other people i think its anything over 50 grand but i might be wrong on the amount

you will however pay tax once its in the bank but the interest on a few million is so high im sure youd hardly notice hope this helps c x

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Answer:
You don't say to which country you’re referring. In the States, I think you do. In the UK not on winnings, but no doubt with that amount of money you would at least invest some. Tax would be payable on interest/dividends earned.

There are different rules applying to betting shop winnings.

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Answer:
I believe that you’ll have to pay taxes on everything that you spend money to get a return on or to gain something out of it.

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Answer:
No.But f you invested the money,you would pay tax on the interest/dividend on your investment.

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Answer:
In the US, it would land you in the 50% tax bracket. If you won $1,000,000, Uncle Sam is entitled to $500,000.

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Answer:
Yes, you have to pay A LOT of taxes on winnings.

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Answer:
yes, it's like 30%

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Answer:
no - but you pay tax on any interest earned

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