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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I WON A CAR FOR A HOLE IN ONE AT A GOLF CHARITY DAY. dO I HAVE

Resolved Question:

I WON A CAR FOR A HOLE IN ONE AT A GOLF CHARITY DAY. dO I HAVE TO PAY TAX? wHAT IF I TAKE THE CASH ALTERNATIVE?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

You won't pay tax on the value of the car if you take that or the cash alternative if you take that.

I hope this helps but let me know if you have any further questions.
Customer: replied 3 years ago.

Can you clarify further as some websites imply that they are taxed?

Expert:  TonyTax replied 3 years ago.
Which websites are those?
Customer: replied 3 years ago.

http://contests.about.com/od/taxesfinances/tp/affordingcartax.htm


http://mbworld.org/forums/off-topic/121796-what-do-if-i-win-90000-car-raffle-but-dont-have-cash-pay-27500-tax-irs.html


Perhaps these are US sites, are the rules different there?

Expert:  TonyTax replied 3 years ago.
Let me take a look and I'll get back to you.
Expert:  TonyTax replied 3 years ago.
Those are US sites.

My understanding is that lottery wins and other competition prizes are taxed in the USA, at least in some States which have their own taxes in addition to the Federal or national tax system.

You would only pay tax in the UK if the competion was organised by your employer and it was for employees.
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