Lottery win,treating friends, avoiding the tax man.Possible?

[TwigtheWonderkid]

addey said:

What is the situation if you buy lottery tickets on someone else's behalf? i.e. I buy the tickets for someone and they pay me the money for the tickets? If the ticket wins, is it classed as a gift when I then give them the prize money?

Of course not. When someone gives you the money to buy something for them and you hand it over to them, do you normally say "now I'm giving you this, don't expect anything on your birthday"?

[catman]

TwigtheWonderkid said:

addey said:

What is the situation if you buy lottery tickets on someone else's behalf? i.e. I buy the tickets for someone and they pay me the money for the tickets? If the ticket wins, is it classed as a gift when I then give them the prize money?

Of course not. When someone gives you the money to buy something for them and you hand it over to them, do you normally say "now I'm giving you this, don't expect anything on your birthday"?

Legally, the ticket is owned by the person who paid for it, not who purchased it.

Tim

[SimonV8ster]

To avoid any potential issues with tax, whether dead or alive, how about just not giving any money to your mates and just let them borrow the Zonda on the 3rd Sunday of July ?

I bet they'll still be chuffed