Winning the Euromillion jackpot, how does it work?
Discussion
Interested to know if a person won tonight's jackpot of £37,000,000 how would the payment of that be arranged? Would you receive the full amount or, like I assume, you'd be given an option of receiving annual payments for a fixed number of years or a one off payment at the present value of whatever £37,000,000 in worth in x amount of years.
Does anyone know for sure? I've searched the national lottery website for information to no avail and it would be good to get solid facts on this as my mums partner is adamant it doesn't work like this.
Cheers.
Does anyone know for sure? I've searched the national lottery website for information to no avail and it would be good to get solid facts on this as my mums partner is adamant it doesn't work like this.
Cheers.
If you are a British resident buying a UK EuroMillions ticket then you will not pay taxes on any winnings and will receive the entire amount as a lump sum. If you are the resident of another country playing UK EuroMillions then the prize might be taxed, depending upon the relevant taxation laws. Some EuroMillions countries, such as Spain, Portugal and Switzerland, now tax lottery winnings.
Jasandjules said:
My understanding is that the first Sunday they come over with some "play" money in cash for you but then the lump sum is paid into a Coutts account.
Not necessarily Coutts. They have partnerships with various banks specialising in HNW clients. Most High St banks have specialist divisions for rich individuals providing concierge services with their banking.When I won it a few years back they offered it to me in bundles of 50's or 20's.
I went 20's of course (so that the pile of cash looked most impressive)
I then had a visual reminder of what I had left when I spent some and none of those risks involved with putting it in a pesky bank. *
I went 20's of course (so that the pile of cash looked most impressive)
I then had a visual reminder of what I had left when I spent some and none of those risks involved with putting it in a pesky bank. *
- This may or may not be true
Jasandjules said:
My understanding is that the first Sunday they come over with some "play" money in cash for you but then the lump sum is paid into a Coutts account.
It's as about as close to reality as I've read , although Coutts is just one of the private banks who try to get that sort of business.A lottery win, even a big one, is small beer compared to the money transfers undertaken by government and businesses on an almost daily basis. So there is no need to run off to Coutts, your local branch of the Halifax can deal with it without issue, to them it's just an entry on a ledger.
I imagine the process would be first to establish you have won, then make sure you are who you claim to be and what your account details are, followed by a CHAPS transfer (to get the money on the same day) and possibly a phone call from you local bank manager asking you what you want to do with the £187,000,000 in your account.
That would be a nice phone call.
I imagine the process would be first to establish you have won, then make sure you are who you claim to be and what your account details are, followed by a CHAPS transfer (to get the money on the same day) and possibly a phone call from you local bank manager asking you what you want to do with the £187,000,000 in your account.
That would be a nice phone call.
A chap I know on another forum won the £1m raffle on Euromillions.
Once the confirmation call was made and ticket numbers were verified then it was simply a case of attending his local Camelot office (very unassuming and nondescript) where his branch manager and Camelot official(s) were present.
Offers of a personal Financial Advisor and guidance were made, plus the publicity/no publicity question was asked.
Transfers were done and hands were shaken.
Once the confirmation call was made and ticket numbers were verified then it was simply a case of attending his local Camelot office (very unassuming and nondescript) where his branch manager and Camelot official(s) were present.
Offers of a personal Financial Advisor and guidance were made, plus the publicity/no publicity question was asked.
Transfers were done and hands were shaken.
vikingaero said:
The interest in the HNW Banks is to offer more services where they can cream off fees. For example: "Mr Viking, we charge 1.5% for managing your portfolio". What they don't tell you is they still charge 1.5% if they mismanage it...
1.5% on 37m. No chance. For a 1m discretionary management mandate, yes. Similar product on 37m would cost 0.4-0.5% and be a lot more bespoke.Mismanage is a strong word with a particular meaning. For that to happen the bank would have to act against your wishes and the parameters agreed with you for your mandate. It does happen and you can sue and get the regulator involved. I think you mean if they don't have a crystal ball and the investments don't perform as well as intended. Then yes, you still pay a management fee. The most common HNW client desire though is capital preservation rather than growth.
I'm sure I remember reading about someone who won one of those "receive £X amount for 15 years" scratchcards, received the first X amount tax free, then had to pay income tax each year as it was classed as an annuity. Tried searching for the story but can't find it. I could imagine if they offered the Euromillions jackpot in installments, this could fall fowl of that as well and you'd end up losing quite a lot lol, probably why they only offer lump sum payments. Lump sum payments obviously don't attract any tax liabilities.
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