Euromillions

Don't understand why people buy 10+ tickets i mean what is the point really.
 
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Moses said:
No, you can give it and they'll get all the money. Say you gave £10m to start with, your charity would get £10m. But the point is, if you say put the money in the bank (not the best way of earning money, but for the sake of argument)... then gave the interest to the charity, you could have the charity claim gift aid on top (so a £10m donation would become £12.5m for the charity... and you could claim back some yourself [roughly £2.5m] which you could give to the charity again, eventually... so you could have the charity get £12.5m, and it cost you £7.5m).

That may be a poor explanation, but I think it makes sense.

Edit :: actually, you could claim back more than the £2.5m for yourself, so the effective cost to you would be under £7.5m (I forgot about the 50% tax band).
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But surely you'd being liable to income and/or capital gains tax by keeping it in a bank account? Also donating the amount from a charitable trust you'd avoid VAT too?
 
Moses said:
The money goes into a trust, you just wait until you can claim gift aid (as it means any donation you make is boosted by 25%, and gets you 25% back). It's a far more efficient way of seeding the trust.
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Oh I see. So you're saying still go down the trust route, but just approach it differently?
 
Figured id go in for a few lines, if for nothing else than to let me dream on the what if's......

Been buying 2 lines a day from monday in a bid to spread to raffle numbers about! :D
 
Moses said:
Yes. It's just crazy to give £10m and it be worth £10m to the charity. It's far more sensible to give £10m, have the charity get £12.5m, then for you to get £2.5m back (so the end result is you effectively give £7.5m and the charity get £12.5m).
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Right, I don't mean to sound patronising, but of course I'd go down the most tax-efficient route. I was merely stating that I'd opt for a trust format rather than just spoofing a load of cash in one go on charitable causes... hence my note about being self-sufficient.

Hypothetical anyway :p I'm sure I'd really get fat, stupid and lazy if someone nine figures!
 
floatindolphin said:
I bought tickets online. How would I get my money if I won?

I.e you get a tenner from the newsagent.
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You get an e-mail saying something along the lines of "we have good news about your ticket"

So you log in frantically thinking you have hit the big time to find they deposit £7 into you online account. You can withdraw it back to your bank account.

No idea what would happen if you won 1million + :o
 
Camalot said:
You get an e-mail saying something along the lines of "we have good news about your ticket"

So you log in frantically thinking you have hit the big time to find they deposit £7 into you online account. You can withdraw it back to your bank account.

No idea what would happen if you won 1million + :o
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Your computer explodes as soon as you open the email.
 
They've actually asked all sellers of tickets (supermarkets, newsagents, etc.) to fully recapitalise their individual balance sheets, meaning that they're required to hold £105,000,000 in cash behind the till in case you win.

Bit OTT if you ask me...
 
Camalot said:
You get an e-mail saying something along the lines of "we have good news about your ticket"

So you log in frantically thinking you have hit the big time to find they deposit £7 into you online account. You can withdraw it back to your bank account.

No idea what would happen if you won 1million + :o
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If you won something substantial, it would probably be a phonecall rather than an email, arraging a meeting with them or something.
 
MooMoo444 said:
If you won something substantial, it would probably be a phonecall rather than an email, arraging a meeting with them or something.
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It is actually an email. I read an article a couple of years ago about this guy who won £12m or something and he and his family were just about to go on holiday when he checked his emails. It told him the figure right there.
 
Word of warning, anyone trying to use a Natwest debitcard online to purchase a euromillions ticket your account may get suspended, apparently there is an issue with Natwest.

Would be nice if the National Lottery site would put up a warning of the issue before allowing me to try three times then get suspended!! grrrr!!
 
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