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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4881
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, I am self employed and I recently won a prize of

Resolved Question:

Hello,
I am self employed and I recently won a prize of a value of £108,000.00
I have sold this item to my father and he has paid me the money.
My tax year ends April 1st.
I was hoping you maybe able to help me find out what my tax implications would be on this?
Does my tax situation change at all because i sold it to my father?
Many thanks for your time
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Please expand on this prize.. How did it come about?
What was it?

Many thanks
Customer: replied 2 years ago.

I am a professional golfer.

I was playing in a golf tournament and I had a hole in one and won a Car.

Expert:  taxadvisor.uk replied 2 years ago.
.
Thank you for your prompt reply.

Prize money to a professional golfer is regarded as earned income. The fact you sold the car to your father makes no differnce.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

I am aware that prize money to a professional golfer is taxable income. I have been paying golf and paying Tax for 10+ years on my tournament earnings...I will compete in 18,36,54 & 72 hole tournaments FOR prize money....

The car was not from 'tournament' winnings.

It was from a one off 'prize' on one particular hole.... That 'prize' money I won did not get added to my 'tournament' winnings that week....?

Expert:  taxadvisor.uk replied 2 years ago.
Thank you for your response.

If it was not part of a tournament and you took part in a one off event with other participants, professional or otherwise, then this winning would be non taxable as it is not work related as such.

You have converted this into cas and the fact itis sold to your father is irrevelant then.

I hope this is helpful.
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4881
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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