where to pick it up and how to declare it
He Euromillions continues to gain weight boat. In this lottery This Tuesday, October 1st, no player managed to secure a first category ticket, so the next draw on Friday will feature up to €160 million up for grabs for one player.
About this winning number combinations They were 22, 41, 08, 42, 29 and 09. The stars remain at 11 and 09. Many dreams of becoming millionaires today are left behind. Of course, touch is a source of joy not only for you… but also for Tax authorities.
These types of prizes are not tax exempt and taxes must be paid Tax agency upon receipt of them. But how much money does the Treasury get from these prizes?
A the only EuroMillions winner Next Friday he could win €160 million when he wins the latest jackpot. How much taxes will you have to pay on this money? Taxation of EuroMillions is very simple: the first €40,000 is tax-free and the rest is subject to a flat rate of 20%.
Using this formula, taxes on the Euromillions jackpot would amount to a whopping €31,992,000. This is what you will have to pay to the treasury. The winner will be left with 128,008,000 euros.
When are taxes paid on EuroMillions?
Although 31 million is a large sum, the Treasury favors prevention over cure when it comes to gambling winnings. For this reason it will directly apply 20% retention from the amount to be received.
In other words, the winner will receive only the net prize, that is, 128 million euros. In this way you can avoid temptations, because Christmas lottery taxation and other awards State Lotteries and Betting (SELAE) It’s the same thing.
How EuroMillions prizes are collected
If you are thinking of going to lottery administration To get the EuroMillions jackpot, don’t do this.
Cash payments are limited to 2000 euros.. Anything over this amount will have to be received by bank transfer.
To do this you can go to agreed organization to help you. This is the simplest thing. You just need to go to the bank and sign a deposit agreement with the organization so that they keep the winning receipt and take care of all the procedures with SLAE.
If you’d rather do it yourself, the state lotteries and betting website explains what the process looks like. Here are the steps you need to follow:
- Do Documented identity verification process. In other words, SELAE must verify that you are who you say you are.
- Fill in form of knowledge additional player.
- Specify the bank account in which you want pick up the prizewhich should be authorized person work in Spain.
Using this information, SELAE will inform you of the net prize amount and transfer it to your account.
How much time do you have to collect?
He Deadline to claim the EuroMillions jackpot or any other lottery prize is 3 months from the date of the draw. If you do not request it within this period, you will lose your right to collection.
How EuroMillions taxes go to the Treasury
Receipt to the Treasury is carried out through model 230which is usually filled out by the financial institution itself, so you don’t have to worry about anything.
If the prize had not been withheld, the form would also have to be completed. Model 136 self-assessment of special tax about the prizes of some lotteries and bets.
Do I have to pay personal income taxes?
No, EuroMillions prize money does not need to be included when filing your income tax return if it was 20% withholding applies from the Treasury.
However, you will have to pay taxes on the income you were able to generate using the prize. In other words, if you invested this money and made a profit, you will have to pay taxes on this capital.