Do You Have to Pay Tax on a Nine-Figure EuroMillions Jackpot?

This Friday’s mighty €151 million (£133 million) EuroMillions jackpot is sure to have players across Europe tingling with excitement and daydreaming the week away, planning how they would spend the cash. However, with such a large sum on offer, would you have to pay tax on the top prize if you won it? Find the answer here.

Do You Have to Pay Tax on a Nine-Figure EuroMillions Jackpot?

EuroMillions Tax

The answer to whether you pay tax on EuroMillions prizes depends where you play the game. Currently, only three nations take a cut of winners’ prizes to swell their government’s coffers:

Spain

In Spain, there is a 20 percent tax rate on sums worth more than €2,500.

Portugal

Portuguese players must pay 20 percent on prize values above €5,000.

Switzerland

The Swiss EuroMillions tax rate stands at 35 percent on amounts greater than CHF1,000.

Other Nations

The UK, Ireland, France, Luxembourg, Belgium and Austria do not tax lottery prizes, meaning that you always receive the full advertised amount when you win.

Other Forms of EuroMillions Tax

Even if you win EuroMillions in a country that does not tax its prizes, you may still be liable for tax on the interest accrued by the sum, or on any investments made using the windfall. In this case, you should consult a financial expert, who will let you know what payments you need to make.

Playing EuroMillions from a Non-Participating Country

If you play EuroMillions from a non-participating nation, either through a concierge service or lottery betting site, you should check your local laws with regards to whether gambling wins are taxable or not.

Tax on Other Lotteries

Many nations across the world tax lottery wins. In Italy, players pay 12 percent on the portion of SuperEnalotto prizes worth more than €500, whilst winners of big American lotteries, like Powerball and Mega Millions, pay federal income tax on their prizes, as well as local taxes in most of the participating states.

Buy EuroMillions Tickets

Even if you have to pay a portion of your prize to your country’s government, a €151 million jackpot will still leave you wealthy beyond your wildest dreams. To put yourself in the frame for Friday’s bounty, you can buy EuroMillions tickets at retailers in participating countries. You can also choose your numbers online wherever you live.  

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Article Last Modified: Tuesday, 6 November 2018 15:54:43+00:00
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